Philippine Daily Inquirer Digital Edition

SHIPPING SERVICES FIRM BACK TO PROFITABILITY

By Tyrone Jasper C. Piad @TyronePiad

Harbor Star Shipping Services Inc. returned to profitability in the first quarter on the back of double-digit growth in its topline figures, supported by improved revenues from harbor assistance and towing services, among others.

In its regulatory filing, the listed shipping services firm reported that its attributable net income reached P188.01 million in the first quarter, a turnaround from a loss of P67.01 million in the same period last year.

Total service revenues grew 65 percent to P703.25 million as of end-March from P427.47 million year-on-year.

Bulk of the topline figures was contributed by its harbor assistance business, which refers to the facilitation of docking and undocking of ships and other watercraft at the port. Revenues from this segment were up 18 percent to P308.19 million for the period from P261.32 million in the previous year.

Towing services revenues more than tripled to P26.51 million while salvage income rose fourfold to P241.62 million in the first three months.

Other marine services, meanwhile, skyrocketed to

P15.22 million in the first quarter from just P1.12 million last year.

Costs related to service increased nearly 8 percent to P337.56 million as of end-March because of fuel and lubricants, depreciation, direct labor, transportation, port expenses and insurance, among others.

Total assets and liabilities stood at P6.56 billion and P5.05 billion, respectively, as of endMarch.

Last year, Harbor Star assisted 5,196 foreign vessels. It was also tapped by The Supercat Fast Ferry Corp. for the wreck removal of St. Nuriel, which capsized and sank about 20 meters underwater.

BUSINESS

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2022-05-24T07:00:00.0000000Z

2022-05-24T07:00:00.0000000Z

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Philippine Daily Inquirer