Gozo Channel’s record results, year after year since 2004, clearly show that restructuring within the company has had a positive impact on the way it operates, said Investment, Industry and Information Technology Minister Austin Gatt.

Giving a presentation of the company’s record results for 2007 at the ministry yesterday, Dr Gatt said the company has managed to increase its profits without added costs. He said the record results were also due to the fact that the company had invested in a number of schemes and advertising.

He said the PN government has kept the right balance between its commitment towards Gozo’s socio-economic development and the financial viability of Gozo Channel.

The recent announcements that HSBC and the company ‘6pm’ had chosen to invest in Gozo bore testimony to this commitment, said Dr Gatt, adding that a new investment for the creation of more jobs in Gozo is expected to be announced in the coming days.

Gozo Channel’s best result in 2007 was undoubtedly seen in its net profits, with an increase of 182 per cent over the previous financial year, between October 2005 and September 2006 (from e657,000 to e1,854,000).

Administration expenses declined by five per cent, while the company’s income increased by seven per cent, from e13,140,000 to e14,016,000.

The number of passengers in 2007 also increased by seven per cent, from 3,554,714 to 3,795,121; the number of vehicles increased by eight per cent, from 937,138 to 1,013,180.

This year’s carnival weekend was the best Gozo has ever had, said Dr Gatt, saying there was an increase over last year of five per cent in the number of passengers travelling to Gozo for this event, resulting in an increase of 47 per cent over 2006.

Minister Gatt said Gozo Channel had previously made big losses, but these decreased drastically when the company was restructured.

It registered a loss of e1,904,971 in the 2000-2001 financial year, but this went down to just e23,407 in 2003-2004.

Over the past three years the company has been registering what Dr Gatt referred to as “respectable” profits by means of which re-investment opportunities have been created.

In fact, the minister pointed out that 40 per cent of last year’s profits will be invested in the new Mgarr terminal’s recurrent costs.

“Gozo Channel can now invest in such a project without having to increase its tariffs,” said Dr Gatt.

And despite these good results, the number of people employed by Gozo Channel decreased from 249 in 2004, when there were no night trips, to 233 at the beginning of this year.

The Malta Independent asked Gozo Channel chairman Joe Borg what had become of the direct bus route from Malta International Airport to Cirkewwa.

He said more than 2,000 passengers had used it during the first three months of operation in summer. The route currently operates on the winter schedule, said Mr Borg, adding that the service can be developed further.

“We would like to improve the service in order to continue making Gozo less isolated,” he said.