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May 29, 2015 7:02 PM ET

Transportation Infrastructure

Company Overview of Harbor Star Shipping Services, Inc.

Company Overview

Harbor Star Shipping Services, Inc. provides a range of maritime services in the Philippines. It offers harbor assistance services for public or open ports, as well as to private ports managed by corporations engaged in the oil and gas, power, and mining industries; lighterage services for transporting different types of cargo domestically; salvage services for vessels in distress and wayward vessels, as well as wreck removal services; and regular and emergency towage services. The company also provides other marine services comprising oil and chemical spill response, ship repairs, buoy construction deployment and maintenance, ship and crew management, fire fighting, and offshore tug service...

2224 A Bonifacio Street corner Sergio Osmeña Highway

Bangkal

Makati,  1233

Philippines

Founded in 1988

Phone:

63 2 889 6410

Fax:

63 2 887 2103

Key Executives for Harbor Star Shipping Services, Inc.

Harbor Star Shipping Services, Inc. does not have any Key Executives recorded.

Harbor Star Shipping Services, Inc. Key Developments

Harbor Star Shipping Services, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Harbor Star Shipping Services, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, service income was PHP 236,339,795 against PHP 270,747,070 a year ago. Operating profit was PHP 38,469,436 against PHP 62,607,130 a year ago. Profit before income tax was PHP 31,956,530 against PHP 55,568,835 a year ago. Profit for the period attributable owners of the parent was PHP 22,399,149 against PHP 42,621,927 a year ago. Earnings per basic and diluted share were PHP 0.04 against PHP 0.07 a year ago. Net cash flows from operating activities were PHP 52,547,072 against PHP 91,487,164 a year ago. Acquisitions of property and equipment were PHP 174,250,375 against PHP 34,314,887 a year ago. Acquisitions of investment property were PHP 15,671,000. The unfavorable decline in revenues is due to lower revenues from towing services (which are not regular in nature) of PHP 9.4 million in March 2015 compared to PHP 47.5 million in March 2014.

Harbor Star Shipping Services, Inc. Reports Audited Consolidated Earnings Results for the Year Ended December 31, 2014

Harbor Star Shipping Services, Inc. reported audited consolidated earnings results for the year ended December 31, 2014. For the quarter, the company reported service income of PHP 1,103,857,628 against PHP 898,695,497 a year ago. Operating profit was PHP 205,259,279 against PHP 200,403,650 a year ago. Profit before income tax was PHP 179,002,422 against PHP 155,438,505 a year ago. Profit for the year was PHP 123,657,616 against PHP 108,481,763 a year ago. Profit attributable to owners of the parent was PHP 124,473,077 against PHP 108,481,763 a year ago. Basic and diluted earnings per share were PHP 0.21 against PHP 0.24 a year ago. Net cash flow from operating activities was PHP 209,735,086 against PHP 246,931,659 a year ago. Acquisition of property and equipment was 227,186,420 against PHP 373,936,592 a year ago. EBITDA (earnings before interests, taxes, depreciation and amortization) improved from PHP 365.9 million in 2013 to PHP 414.2 million in 2014. The improvement is due to higher service income generated. Return on asset as on December 31, 2014 was 5.5% against 5.4% as at December 31, 2013. Return on equity as on December 31, 2014 was 8.9% against 8.4% as at December 31, 2013.

Harbor Star Shipping Services, Inc. Approves Amendments to By-Laws

The Board of Directors of Harbor Star Shipping Services, Inc. approved the amendment of Section 1, Article I of the By-Laws of the company to change the date of the annual meeting of the stockholders of the company from every third Wednesday of June to every last Wednesday of May of every year.

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