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Hong Kong Ferry plunges into the red

A SURGE in revenue from ferry and shipyard operations was unable to stop Hong Kong Ferry (Holdings) from plunging into the red last year after the company posted a HK$544m ($69.7m) loss. Chairman Colin Lam said the shipyard business saw a 34% increase in turnover, while the company’s harbour cruise operations posted a 13% rise in revenue and vehicle ferry recorded an 11% increase.
Total turnover from shipyard and ferry operations rose to HK$228.4m last year, up from HK$190.2m in 2008. By comparison, the company, which has property and travel interests, posted an overall turnover of HK$603.8m, down from HK$758.6m a year earlier. The company crashed into the red after recording a mark-to-market investment loss of HK$610m.
No breakdown was given for the contribution from specific operations, but Mr Lam said the rise in revenue from the shipyard business followed increased demand for maintenance of fast ferries and tug boats. He added: “Ferry, shipyard and related operations recorded a profit of about HK$3.4m.”
The company owns Hong Kong Shipyard, which services the fast ferry fleets operated by New World First Ferry, Park Island and Chu Kong Shipping as well as repairs for South China Towing and Hongkong & Yaumati Ferry.

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