Gozo Channel Company Limited announced yesterday that it had registered the “best year” of operations between October 2005 and September 2006, with profits amounting to Lm282,000, which meant an increase of three per cent over the previous financial year.
Giving a presentation of the company’s financial performance, Gozo Channel chairman Joseph Borg said the company was not only intended as a means of transport between Malta and Gozo; it also had the important role of contributing to the sister island’s economy.
While the operating costs of the company (Lm4.9 million) had increased by four per cent, these were made up for by a reduction in administration costs, which went down by 8.7 per cent to Lm450,000, said Mr Borg.
He added that the net turnover of Lm5,461,000, an increase of 2.8 per cent over the previous financial year, was a result of an increase in the number of tickets sold.
Mr Borg noted that the Immorru Ghawdex scheme, which involved an investment of Lm100,000, had proved to be successful in attracting Maltese tourists to Gozo during the shoulder months.
Through the scheme, a total of 27,381 passengers and 8,748 vehicles crossed between the two islands and this meant a considerable increase of 41 per cent over the previous year.
In all, 3,554,714 passengers and 937,138 vehicles crossed over between the two islands in 2006, up from 3,462,601 passengers and 889,805 vehicles in 2005, a 2.7 per cent and 5.3 per cent respectively.
Mr Borg pinpointed the main initiatives during the financial year 2005-2006, namely the mid-season timetable in June and October 2006, the commuter scheme introduced in July, the marshalling area taken over in April and the consolidation of offices.
“These were all initiatives aimed at improving the overall service, while making Gozo more accessible and giving a valid social and economic contribution to the island,” he said.
Investment, Industry and Information Technology minister Austin Gatt hailed Gozo Channel’s profits, saying the government had managed to reach what it aimed for after the last general election.
“While it registered losses of almost Lm1 million in 2002 and again in 2003, Gozo Channel has started to register a modest profit. It is no commercial profit, but one has to consider the company’s social dimension,” said Dr Gatt, adding that the company now has solid financial foundations to offer a better service.
The company’s positive results were a demonstration of the government’s commitment towards Gozo’s economy, which depended so heavily on domestic tourism as shown by a survey conducted by the Gozo Tourism Authority (GTA), which found that 50 per cent of tourists who visited Gozo throughout the year were Maltese residents.
Dr Gatt said this percentage probably drew very close to 100 per cent during shoulder months and this was why the company, the GTA and the government had invested Lm30,000 in the Let’s GOzo magazine distributed in 35,000 households.
In total, the government’s subsidies amounted to Lm2,110,000, said Dr Gatt, explaining that this included the public service contract, refunds to Gozitan students and funds voted for a number of activities and schemes that were intended to attract more Maltese people to Gozo.