Operational Information
Full-Year Report on Franchise Operation Services for 2025
Highlights:
1. Total number of passengers recovered to 82% of the 2018 level, a slight decrease of 0.3% year-on-year
- Total number of passengers for the year: 16,165,528
Average number of passengers per sailing: 122, decreased by 18% compared to 2018
- The East Rail Line of the MTR was extended to Admiralty starting May 2022; since then passenger volume of the Wan Chai service experienced a substantial drop of 18% in 2025 compared to 2018
2. Fare box revenue increased to HKD 81.4 million
- Increased by 1% compared to 2024, and by 53% compared to 2018
- Yet average fare receipt per sailing was: approximately HKD 615
- Only covered 62% of total operating costs.
3. 2025 full-year revenue from franchise services (including non-fare box revenues) was approximately HKD 136 million
- Increased by 41% compared to 2018
- Decreased by 0.3% compared to 2024
4. Total operating expenses amounted to HKD 130 million, in other words,
- Every HKD 1.0 of revenue earned from franchise services incurred an expenditure of HKD 0.96 (90% of revenue goes to expenditure)
- Manpower cost per sailing was HKD 588, and manpower cost per passenger served exceeded HKD 4.4
5. Although profit on franchise services exceeded HKD 5 million, the Company’s net debt was still over HKD73 million as of 2025 year-end
6. Negative equity widened to HKD 95 million
7. Outlook is Bleak
- Uncertainty over visitor arrivals and tourism industry outlook
- Further marginalization of ferry services to and from Wanchai due to the extension of the MTR's East Rail Line.
- Non-fare box revenue is affected by the slow economic recovery.
- Rise in payroll and maintenance costs continues
8. New initiatives
- A full electronic payment system was implemented.
- The "Green Ferry" project in progress.
- Research on piers revitalization is underway, starting with Central Piers.
- Explore opportunities to increase fare box and non-fare box revenue.
- Plan to revamp our company website
- Upgrade cash handling machines
- Launch the re-engine program for the fleet.
|
Franchise Route Operating Data |
Full Year 2025 |
|
|
(1) |
Total number of routes |
2 |
|
(2) |
Number of vessels |
8 |
|
(3) |
Total passenger carrying capacity of the fleet |
3,873 |
|
(4) |
Effective service deployment rate (ratio of actual to planned deployed vessels) |
90.6% |
|
(5) |
Fleet utilization rate (ratio of vessels in service to the fleet) |
87.5% |
|
(6) |
Average age of the fleet |
63 years |
|
(7) |
Total number of passenger trips |
16 million |
|
(8) |
Maritime incidents |
11 cases |
|
(9) |
Passenger complaint cases (per 1,000,000 passengers) |
8 cases |
|
(10) |
Social services - The company actively supports charitable activities, and employees participated in donations and volunteering works. - The company was awarded the "Caring Company" logo by the Hong Kong Council of Social Service and the "Super MD" recognition by the Employees Retraining Board. - The company was also awarded the "Happy Company 5+" title in Happiness-At-Work Label Award Scheme by Promoting Happiness Index Foundation. |
|
|
(11) |
Service improvement projects - Ongoing training for coxswains and crews on navigation safety techniques, emergency response measures, customer service training and language training. - Refurbishment of the ceiling in the Tsim Sha Tsui Star Ferry Pier - Full e-payment system introduced at Piers |
|
|
Profit and loss calculation sheet (only for franchise routes) |
Full year 2025 |
|
|
Income |
|
(HKD’000) |
|
|
Ferry Earning |
81,397 |
|
|
Other Income |
54,176 |
|
|
Total Income |
135,573 |
|
Expenses |
|
|
|
|
Payroll & Related Op |
77,820 |
|
|
Launches Expenses |
23,553 |
|
|
Other Expenses |
29,117 |
|
|
Total Expenses |
130,490 |
|
Profit before tax |
|
5,083 |
|
|
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