Harbor Star secures $2.5-million credit facility

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., a company operating vessels, including tugboats, said it signed a $2.5-million credit-financing facility with Chailease International Financial Services Co. Ltd.

“The facility will be used to fund the company’s expansion plans and operations overseas,” the company said.

Chailease International is a company based in the British Virgin Island. Its line of services includes leasing, installment, factoring, corporate-direct loan and off-shore financing.

Harbor Star, among a handful of shipping firms listed at the Philippine Stock Exchange, has been expanding its business with allied fields in the maritime industry. It recently secured its contractor license with the Philippine Contractors Accreditation Board last month to engage in the construction-contracting business in the Philippines under the principal classification of general engineering and general building.

The license allows the company to repair piers, ports, jetty, terminals, walkways, bridges, buoys, fender systems, and conduct dredging and reclamation works.

Harbor Star also secured approval to amend its articles of incorporation to include domestic and international towage, and international manning, recruitment, contracting and ship and crew management for all types of vessels that may include container ships, break bulk carriers, tugboats, barges, tankers, landing craft transport, yachts and ferries.

For the first half of the year ending June, the company said its net income grew four-folds to P103.3 million from last year’s P24.88 million.

Total service income was 47 percent higher year-on-year to P678.2 million from last year’s P461.6 million.

The company said during the first half, it recognized P57.5-million construction contract it secured for the repair of a jetty in Quezon province.

Revenues from harbor assistance, meanwhile, grew P512.8 million for the period from last year’s P331.2 million as a result of increased ship calls nationwide.

Source: http://www.businessmirror.com.ph/harbor-star-secur…