Marine services provider Harbor Star Shipping Services, Inc. (HSSSI) reported a loss of P5.315 million in the first half of 2020, 94% less than the P89.254 million loss it incurred in the same period last year.
The reduction was a result of improved revenues from other core businesses, revenue from generation of solar power, and income from logistics supply, HSSSI said in a regulatory disclosure.
The group posted a service income of P726.19 million in the first six months of 2020, 7% more than the P678.29 million recorded in the same period in 2019.
Revenues from harbor assistance, which accounted for the highest share in revenues, decreased 2.5% to P470.398 million from P482.627 million. Lighterage services revenue increased 34.3% to P70.039 million from P52.137 million.
Towing services improved 5% to P9.138 million from P8.702 million. While there was no revenue from salvage during the period, HSSSI earned P1.03 million for underwater services.
Feeder services revenue sank 88.8% to P2.595 million from P23.207 million. Other marine services earned P33.409 million, up 5% from P31.807 million.
HSSSI also earned P139.28 million revenue from its solar power business.
Subsidiaries Peak Flag Sdn Bhd and Astroenergy Development Gensan, Inc. contributed P57.59 million and P139.27 million to the group’s revenue, respectively.
Cost of services for the first six months of 2020 increased 0.19% to P531.75 million from P530.75 million in the same period last year.
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. The company has a total of 57 vessels.
