HARBOR Star Shipping Services, Inc. reported a net income of P282.63 million in the first nine months of 2026, more than triple the P86.37 million recorded in the same period in 2025, aided by stronger gains from its salvaging business and firmer revenues from its harbor assistance services.
In its quarterly report, the company said the improved performance of its salvaging activities helped lift total net service income (or total revenues) to P2.46 billion in the first three quarters from P2.11 billion a year earlier.
Income from the salvaging business nearly quadrupled to P412.71 million from P87.06 million in the same period last year, mainly due to a related project that was undertaken during the period.
Net service income from harbor assistance (or services related to assisting ships and other watercraft in docking and undocking at the port), its main business, generated P1.42 billion in the first nine months, up from P1.30 billion last year.
Meanwhile, revenue from solar power generation rose to P212.59 million from P107.46 million, the company said.
On the other hand, the company said the cost of services increased to P1.62 billion from P1.50 billion previously, attributed mainly to the increased cost of supplies, fuel and lubricant brought about by higher oil prices.
General and administrative expenses rose to P397.11 million from P317.41 million on higher taxes and license fees, depreciation, professional fees, membership and retirement benefits.
Shares of Harbor Star Shipping dropped P0.10, or 6.06 percent, closing at P1.55 each last Friday.
