Gozo Channel posts three per cent rise in profits

Gozo Channel has registered a profit of Lm282,000, a three per cent increase over the previous 12 months.

Between October 2005 and last September, the company's net turnover was Lm5.64 million - 2.8 per cent higher than the year before.

This is the second consecutive year the Malta-Gozo ferry company has posted a profit, reversing a trend of losses.

Between 2002 and 2004, the company made a loss of Lm1.85 million.

Presenting the financial results yesterday, company chairman Joseph Borg said the increase in the company's turnover was mainly due to the sale of more tickets. Last year, there were 92,000 additional passengers and 47,333 more vehicles making the crossing between the two islands. Gozo Channel also made 420 more trips.

Figures clearly showed that peak travel was in the summer months, with Easter also being a popular period.

With this in mind, the company was determined to strengthen its Immorru Ghawdex - let's go to Gozo - scheme, which encourages more people to do the crossing during the shoulder months. A 41 per cent rise in the number of passengers was registered between December and February thanks to this scheme.

Investments Minister Austin Gatt said 50 per cent of the visitors to the sister island were Maltese. The amount rose to almost 100 per cent in the lean winter months.

The minister said he would like to see more companies taking part in the scheme, through which the already reduced fares are refundable if visitors spend Lm10 each on food or lodging in an establishment.

Turning to costs, Mr Borg explained that wages - at Lm2.2 million - represented the bulk of the expenses, though the wage bill had been cut by 10 per cent over the previous year.

Fuel costs - at Lm1.3 million - accounted for a quarter of the total outlay. Although the price of fuel had gone up - the average cost of a trip jumped from Lm9.20 to Lm70.70 - less fuel was consumed on each trip following engine modifications, Mr Borg said.