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Harbor Star Shipping posted a loss of P130.447 million in the first nine months of 2021 from a profit of P3.75 million in the same period last year
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Service income from January to September 2021 grew 1.25% mainly due to the growth in revenues from harbor assistance, towing services, underwater services, and construction revenue of P40.26 million
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Lighterage services revenues slid 3.1% to P91.235 million
Harbor Star Shipping Services, Inc. (HSSSI) posted a loss of P130.447 million in the first nine months of 2021, a reversal from a profit of P3.75 million in the same period last year.
Service income from January to September 2021 grew 1.25% to P1.28 billion from P1.26 billion in the same period in 2020, HSSSI said in a regulatory disclosure. The increase was mainly due to the growth in revenues from harbor assistance, towing services, underwater services, and construction revenue of P40.26 million.
Revenues from harbor assistance rose 11% to P827.106 million in the first nine months of 2021 from P745.353 million year-on-year.
Revenues from towing services improved 19.2% to P13.544 million from P11.363 million while underwater services revenues jumped 140.6% to P2.485 million from P1.033 million.
Lighterage services revenues, on the other hand, slid 3.1% to P91.235 million from P94.188 million.
Salvage income revenues also dropped 46% to P59.189 million from P109.039 million.
Subsidiaries Peak Flag Sdn Bhd, Harbor Star Subic Corp., and Astroenergy Development Gensan, Inc. contributed P73.14 million, P58.32 million and P219.53 million, respectively, to the group’s total revenues.
Cost of services for the first nine months of the year has increased by 11.5% to amounting to P886.77 million from P795.29 million in the same period last year, mainly due to outside services, supplies, fuel and lubricants, personnel costs, depreciation, charter hire, professional fees, repairs and maintenance and others.
The group’s general and administrative expenses also increased 11.82% to P342.48 million from P306.28 million, mainly due to repairs and maintenance, taxes and licenses, transportation, representation and entertainment, outside services, membership fees and dues and others.
With the shipping industry severely affected by the COVID-19 pandemic, HSSSI earlier said it initiated internal cost-saving measures to reduce income loss, while also focusing on generating more revenue from other service lines, such as special projects with focus on construction and specialized marine services.
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 domestically and internationally classed tugboats, barges, a landing craft tank, cargo ship, tanker, and a dredger.
HSSSI’s 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.; and Astronergy Development F2, Inc.
Last April, the Securities and Exchange Commission approved the certificate of incorporation of Harbor Star Construction Corp.
