Positive performances from harbor assistance, tug, and other marine services resulted in a 4% increase in first quarter 2016 net income for listed marine services provider Harbor Star Shipping Services, Inc.
In a disclosure to the Philippine Stock Exchange, the company said net income from January to March amounted to P23.269 million, up from P22.355 million in the same quarter last year. Service income likewise grew to P320.7 million, 36% higher than the P236.3 million in 2015.
The favorable growth in revenues was mainly brought about by the contract to repair a jetty in Quezon province amounting to P37.7 million, Harbor Star noted.
Harbor assistance contributed P237.5 million to the bottomline, 36% higher than the P174 million earned in the same period of 2015, following the resumption of operations in Bohol.
Towing services and other marine services also showed year-on-year growth, realizing P4.5 million and P3.9 million increases, respectively.
However, lighterage services saw a 50% drop in earnings to P25.1 million from P50.4 million last year. The decrease came along with a lull in the mining industry; the mining season usually starts in April, Harbor Star explained.
Harbor Star services 69 ports in the Philippines, of which 14 are base or hub ports.
