HARBOR Star Shipping Services Inc. reported a net income of P281.73 million for the second quarter of 2024, a 217.79-percent jump from P88.65 million last year driven by higher revenues from harbor assistance, oil spill response and construction.
Cost of services was said to have risen 31.86 percent to P577.44 million, while general and administrative expenses declined by 11.78 percent to P103.55 million.
As of June 30, the company’s short-term loans totaled P35 million incurred from an oil spill cleanup operation and the removal of MT Terra Nova wreckage.
Harbor Star had entered into a no-cure, no-pay contract with Shogun Ships Co. Inc., owner of the sunken tanker MT Terranova, for an immediate response and salvage operations to reduce environmental damage.
On Monday, Harbor Star’s share price fell by a centavo to close at P0.63 apiece.
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