Dr Attard Montalto said that in the year ending September 2003, the company had made a profit of Lm445,000, a fall of 46 per cent, which amounted to just Lm242,000 in profits after tax.

The fall in profits came despite decisions taken to improve services and the introduction of a shift system for workers. It was a shame that such a company was not in a position to invest in new tugs, being well-aware that the fleet needed to be changed.

Profit from services rendered was similar to that for the year before. The company said a revision of tariffs was needed after 14 years, but considering that the tariffs were the same in the preceding year when the company made a larger profit, the problems were not only a result of low tariffs, said Dr Attard Montalto.