Philippine marine services provider Harbor Star Shipping Services, Inc. (HSSSI) reported a net profit of P30.140 million in the first quarter of 2018, or 30.5% higher than the P23.1 million it earned in the same period in 2017.
Service income for the first three months of 2018 recognized a 3% increase to P308.4 million from P299.3 million in the same period last year, HSSSI said in a regulatory disclosure.
Revenues from harbor assistance rose 13.5% to P250 million from P220.2 million in the first quarter of 2017 due to higher ship calls served.
Revenues from lighterage and other marine services likewise grew, posting combined revenues of P49.9 million, 89% higher than the P26.4 million earned in 2017.
Total revenue, however, was offset by the dip in towing revenue, which dropped 792% to P3.8 million from P33.9 million last year. Revenues from salvage likewise declined, down 74.6% to P4.7 million from P18.5 million.
Revenue contribution from Malaysian tugboat subsidiary Peak Flag Sdn Bhd amounted to P14.6 million in the first quarter of 2018, which is 13% higher than its P12.9 million contribution in the same period last year.
Cost of services for the first quarter of this year increased 6% to P219.2 million from P205.2 million in the same period last year. HSSSI said the higher cost for the period was mainly due to higher fuel consumption and insurance.
As of last year, HSSSI has established operations in 16 base ports all over the country, providing services to some 10,033 ships as of yearend.
The major ports serviced by the company include Manila International Container Terminal, Bataan, Batangas, Cagayan de Oro, Davao, and the newly opened branch in Iloilo.
The company maintains and manages a fleet of 53 vessels, comprised of 43 domestically and internationally classed tugboats; six barges; one anchor-handling tug supply vessel; one LCT or landing craft transport; one cargo vessel; and one oil spill response vessel.
HSSSI has been expanding its business portfolio, which now includes a renewable energy company and a construction business venture. It is also looking to further develop and strengthen its wholly owned subsidiary Harbor Star Subic Corp., which offers marine-related ancillary services within the Subic Bay Freeport Zone, and to establish, through a joint venture, several floating dry-dock facilities in the Philippines.
