Daito buys into Harbor Star

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.

Japanese piloting firm Daito Corp has bought a 5% stake in Philippines-based Harbor Star Shipping, a towage and salvage company. As well as buying the listed shares of Harbor Star, Daito bought into Great Eastern Tug, a non-listed company that also owns a stake in Harbor Star.

Daito said it was keen to “strengthen its business partnership with Harbor Star and contribute to the expansion of the tugboat business in the Philippines where economic growth remains to be promising.”

Harbor Star signed an agreement with ship repair outfit Guam Industrial Services in March to form a joint venture company that will operate several floating dry dock facilities in the Philippines.

Source:http://splash247.com/daito-buys-into-harbor-star/