Harbor Star Shipping Services reported P3.75 million in income in the first nine months, reversing a P139.75-million loss in the same period in 2019
Service income grew 23% mainly due to revenue generation from the company’s solar power business and increases in revenues from its salvage/oil spill response, charter/lighterage services, and other marine services
Total cost of services decreased 3% to P795.29 million from P818.39 million in 2019
Harbor Star Shipping Services, Inc. (HSSSI) reported an income of P3.75 million for the first nine months of 2020, a reversal from its P139.75 million loss in the same period in 2019 as service income recorded double-digit growth.
Service income for the first nine months of the year reached P1.26 billion, 23% higher than the P1.03 billion posted in the same period in 2019.
HSSSI in a regulatory disclosure said the increase in income was partly due to revenue generation from its solar power business of P227.13 million. Moreover, revenues from lighterage services increased 19.3% to P94.19 million from P78.97 million, while salvage/oil spill response posted a 33% growth in revenues to P109.04 million from P82.10 million.
Revenues from other marine services improved 22% to P63.11 million from P51.81 million. HSSSI also realized P1.03 million revenues from its underwater services during the first nine months of 2020.
HSSSI’s two subsidiaries, Malaysian-based tugboat operator Peak Flag Sdn Bhd and renewable energy development company Astronergy Development Gensan, Inc., also contributed to the total revenues for the third quarter of 2020, with P91.24 million and P227.13 million, respectively.
Harbor assistance revenues, on the hand, dropped 3.7% to P745.35 million from P774.09 million. Revenues from towing services likewise declined 37% to P11.36 million from P17.94 million, while revenues from feeder services plunged 89% to P2.59 million from P22.62 million previously.
Total cost of services for the nine-month period, meanwhile, decreased 3% to P795.29 million from P818.39 million in 2019.
As of December 2019, HSSSI, including its domestic subsidiaries and affiliates, has services in about 89 ports all over the country, of which 16 are base or hub ports. It has provided services to about 9,300 ships as of yearend.
Since the end of 2019, HSSSI has managed a fleet of 45 domestically and internationally classed tugboats, seven barges, one landing craft tank, two cargo ships, one tanker, and one dredger.
Its subsidiaries include Harbor Star Subic Corp., Peak Flag, Harbor Star Energy Corporation, Harbor Star East Asia (Myanmar) Limited, Astronergy Development Gensan Inc., Astronergy Development F1, Inc., and Astronergy Development F2, Inc.