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Harbor Star Shipping Services reported a net loss of P66.63 million in the first quarter of 2021, 245% higher than the P19.337-million loss posted year-on-year
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Service income for the first three months of the year grew 15% due to the increase in harbor assistance revenue; revenue generation from solar power; and salvage and lighterage incomes
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Costs and expenses expanded by 5% and 95%, respectively
Harbor Star Shipping Services, Inc. (HSSSI) reported a net loss of P66.63 million in the first quarter of 2021, 245% higher than the P19.337-million loss incurred in the same period last year.
Service income for the first three months of the year amounted to P427.47 million, 15% higher than P371.70 million posted in the same period last year.
HSSSI in a regulatory disclosure said the group mainly sourced the increase in service income from harbor assistance revenue, which increased to P261.32 million; revenue generation from solar power, which increased to P71.89 million; and salvage income of P59.20 million and lighterage income of P24.60 million.
Subsidiaries Peak Flag Sdn Bhd, Harbor Star Subic Corp., and Astroenergy Development Gensan, Inc. contributed P24.40 million, P18.67 million, and P71.89 million, respectively, to the group’s total revenues for the first quarter of 2021.
The group’s total cost of services for the first quarter of 2021 went up 5% to P313.69 million from P299 million in the same period in 2020, mainly due to depreciation and amortization, personnel costs, fuel and lubricants, outside services, supplies and insurance.
General and administrative expenses likewise grew 95% to P122.72 million from P63 million, mainly due to personnel costs, depreciation and amortization, bad debts and taxes and licenses.
With the shipping industry severely affected by the COVID-19 pandemic, HSSSI initiated internal cost-saving measures to reduce income loss, while also focusing on generating more revenue from other service lines such as the special projects division which focuses on construction and specialized marine services.
READ: Harbor Star trims net loss to P84.9M in 2020
As of last year, HSSSI, including its domestic subsidiaries and affiliates, has established operations in 15 base ports all over the country, providing services to 6,589 ships.
The company maintains and manages a fleet of 48 domestically and internationally classed tugboats; seven barges; one landing craft tank; one cargo ship; one tanker, and one dredger.
