HARBOR Star Shipping Services Inc. saw its consolidated net income dipped to P106.9 million in 2018 from P108.8 million a year earlier. In a disclosure on Friday, the listed maritime service provider blamed the decrease on higher finance costs — which consists of interest expenses and unrealized foreign exchange — which nearly doubled to P102.4 million last year from P52.9 million in 2017. Consolidated service income grew by 8.3 percent to P1.43 billion from 2017’s P1.32 billion, propelled by the 172-percent growth realized from its salvage income, which generated P210 million versus 2017’s P77.16 million. Earnings before interest, taxes, depreciation and amortization improved by 8.9 percent to P548.3 million last year from P503.3 million in 2017. Harbor Star shares remained unchanged at P2.94 apiece on Friday.
