Listed shipping company Harbor Star Shipping Services, Inc. saw a 57.8% decline in its attributable net income to P91.91 million in the second quarter from P217.74 million a year ago, after recording lower revenue and higher costs.
Harbor Star’s service income went down 15.5% to P671.47 million in the three months ended June from P794.97 million booked last year.
The shipping company’s bottom line was further brought down by higher cost of services recorded during the quarter ended June at P437.93 million, reflecting a 4.7% rise from P418.38 million in the previous year.
The company said the increase in the cost of services was due to higher insurance and supplies expenses and higher depreciation, personnel cost and port expenses.
Its general and administrative services were 1.5% higher at P117.38 million in the second quarter from P115.62 million a year ago..
In the first half, the company’s attributable net income totaled P141.14 million, a 65.5% decline from the P408.99 million recorded last year.
Service income from January to June amounted to P1.3 billion, 13% lower than the P1.5 billion booked in the same period of 2022.
The decline can be attributed to the P477.72 million salvage income the company booked in the first half of 2022. The figure covers the ship salvage services offered by the company during a shipwreck or maritime casualty.
Despite booking lower revenues, the company’s cost of services was 11.7% higher at P840.14 million from P751.98 million seen in the previous year.
On Monday, shares in the company climbed by a centavo or 1.14% to 89 centavos apiece. — Justine Irish DP. Tabile
