HARBOR Star Shipping Services said its net income had significantly increased by 753.28 percent from a net loss of P64.92 million on June 30, 2021, to a net income of P424.11 million in the same period this year.

The increase in net income by P489.03 million was mainly due to the growth in net service revenue, a decrease in general and administrative expenses, and a decrease in other charges.

Harbor Star owned tugboat MT Regulus PHOTO from Harbor Star
Harbor Star owned tugboat MT Regulus PHOTO from Harbor Star

The company and its subsidiaries total service income increased to P1.50 billion for the six months ending June 30, 2022, or 71.21 percent higher than P874.79 million posted in the same period last year.

The group mainly sourced its 71.21 percent increase in service income, net from the increases in salvage income of P418.53 million, harbor assistance, net of discounts and rebates of P153.35 million, underwater services of P27.21 million, towing services of P22.04 million, other marine services of P11.80 million, and revenue on the generation of solar power of P9.26 million.

The total cost of services increased by 27.54 percent or P162.39 million to P751.98 million in the first half of the year, from P589.59 million in June 2021, mainly due to fuel and lubricants, depreciation, outside services, direct labor, personnel costs, transportation, direct materials and repairs.

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