-
Harbor Star Shipping’s net profit declined 74.7% in the first quarter of 2023
-
Service income was likewise 10.21% down to P631.45 million for the first quarter of 2023 from P703.25 million in the same period last year
-
Harbor assistance and lighterage incomes grew 32% and 223%, respectively
-
Revenues from towing, construction, solar power generation, underwater services, and other marine services declined during the period
Harbor Star Shipping Services, Inc’s (HSSSI) net profit declined 74.7% to P50.051 million in the first quarter of 2023 from P197.870 million year-on-year.
Service income was likewise 10.21% down to P631.45 million from P703.25 million, HSSSI said in a regulatory disclosure.
A bright spot was harbor assistance, which accounted for the highest revenue contribution of P407.665 million, up 32% from the P308.186 million in the first quarter of last year.
Lighterage saw a whopping 223% increase in service income to P34.640 million from P10.734 million.
Service income from towing services, meanwhile, dropped 34% to P17.574 million from P26.509 million.
Revenue from construction services likewise fell 40% year-on-year while income from the generation of solar power declined 24% year-on-year.
While there was no income from salvage operations, HSSSI posted a P83.07 million income from oil spill response.
Underwater services posted 37% lower income while revenue from other marine services fell 12.2%.
The group’s total cost of services has increased by 19.16% to P402.21 in the first quarter of 2023 from P337.56 million posted in the same period last year mainly due to fuel and lubricants, depreciation, personnel cost, insurance, supplies, transportation, port expense and others.
HSSSI’s subsidiaries and affiliates include Harbor Star Subic Corp., Peak Flag Sdn Bhd, Harbor Star Energy Corp., Harbor Star East Asia (Myanmar) Ltd., Harbor Star Construction Corp., Astronergy Development Gensan Inc.; Astronergy Development F1, Inc.; and Astronergy Development F2, Inc.
Last year, HSSSI reported its first net profit since 2019, posting a net income of P10.5 million in 2022, a reversal from the P158 million net loss in 2021.
As of December 2022, HSSSI, including its domestic subsidiaries and affiliates, has established operations in 11 base ports all over the country, providing services to approximately 8,086 ships as of yearend 2022. The major ports that the company services include Manila International Container Terminal, Manila South Harbor, Bataan, Batangas, Cagayan de Oro, Cebu, Davao and Iloilo.
The company maintains and manages a fleet of 62 vessels, composed of 52 domestically and internationally-classed tugboats; seven barges; one landing craft tank; one dredger, and one other marine vessel.
RELATED READ: Harbor Star nets P10.5M in 2022, its first profit in 3 years
