Harbor Star scores big in first overseas towing work this year

Net income after tax fell by 26.55% to P9.18 million in the third quarter from P12.49 million in 2014’s comparable period, according to its financial statement released yesterday. Net income after tax fell by 26.55% to P9.18 million in the third quarter from P12.49 million in 2014’s comparable period, according to its financial statement released yesterday.

Harbor Star Shipping Services, Inc. (HSSSI) has already generated the equivalent of half of its 2016 revenues from towing services after completing its first towing engagement for 2017.

In a disclosure to the Philippine Stock Exchange, HSSSI said its tug, MV Rho Cas, successfully delivered on February 21 a barge carrying quay cranes to Cai Mep, Vietnam from Oita, Japan.

The towing engagement amounting to US$645,000 is MV Rho Cas’ first overseas job for 2017, the company said.

“The revenue generated is already equivalent to 50% of last year’s towing revenue,” HSSSI noted. Towing is one of HSSSI’s businesses to show positive growth in the first nine months of 2016 with a year-on-year increase of P50.8 million. The company has yet to disclose its full-year financial report.

The maritime service provider described the 9,180-BHP MV Rho Cas as “the most powerful towing tug in the Philippines”. It was purchased in 2013 using a portion of funds the company generated from HSSSI’s initial public offering in the same year.

Source: http://www.portcalls.com/harbor-star-scores-big-ov…