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Harbor Star Shipping returns to profit in Q1
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The company reported a net income before tax of P197.870 million in the first quarter of 2022, a reversal from the P66.63 million loss year-on-year
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Service income grew 64.51% as business units reported increases during the period
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Cost of services grew 7.61% to P23.86 million due to fuel and lubricants, depreciation, direct labor, transportation, port expense, insurance, personnel costs
Harbor Star Shipping Services, Inc. (HSSSI) returned to profit in the first quarter, reporting a net income before tax of P197.870 million, a reversal from the P66.63 million loss year-on-year.
Service income amounted to P703.25 million for the first three months of the year, 64.51% higher than P427.47 million posted in the same period in 2021, HSSSI reported in a regulatory disclosure.
The marine services provider said the higher service income was mainly due to increases in its salvage income of P182.43 million; harbor assistance of P46.82 million; towing services of P19.44 million; construction revenue of P15.87 million; other marine services of P10.08 million; underwater services of P7.05 million; and solar power business of P3.89 million.
Cost of services, meanwhile, increased 7.61% to P23.86 million from P313.69 million mainly due to fuel and lubricants, depreciation, direct labor, transportation, port expense, insurance, personnel costs and others.
As of December 2021, HSSSI has established operations in 12 base ports all over the Philippines, providing services to approximately 7,529 ships as of yearend 2021.
The company maintains and manages a fleet 62 vessels, composed of 50 domestically and internationally-classed tugboats; eight barges; one landing craft tank; one cargo ship; one tanker, and one dredger.
HSSSI subsidiaries include Harbor Star Subic Corp.; Peak Flag; Harbor Star Energy Corp.; Harbor Star East Asia (Myanmar) Ltd.; Astronergy Development Gensan, Inc.; Astronergy Development F1, Inc.; Astronergy Development F2, Inc.; and Harbor Star Construction Corp.
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