Towing services boost Harbor Star H1 revenues

MANILA, Philippines - Harbor Star Shipping Services, Inc. reported a 76 percent increase in its first semester net income toP90.828 million from the previous P51.513 million.

The company also reported a 30-percent hike in service income to P555.7 million from P426.8 million due to a rise in service revenue. In the second quarter alone, service income went up 30 percent year-on-year to P285 million from P220 million, while net income surged 141 percent to P68.725 million from P28.547 million.

Likewise contributing to the increase in net revenues is the company’s escort services and barge repair, which improved 521.1 percent with P23.6 million from P3.8 million.

Furthermore, income from salvage and lighterage operations surged 89 percent and 23 percent, respectively.

However, the increases were slightly offset by a three percent decline in harbor assistance revenue, which contracted to P406.8 million in the first half from P419.8 million last year.

Adding more to the income growth, Harbor Star is also eyeing the expansion of its services to other Asian countries such as Malaysia, Vietnam, Papua New Guinea and Myanmar. It is setting a capital expenditure of P180 million for 2014.

In July, the company used P74.607 million of proceeds from its initial public offering to acquire tugboats and barges for its domestic and international operations.