The Star Ferry, which has accumulated a loss of more than 70 million yuan, has previously applied for a double fare increase. It is reported that the Executive Council today (31st) approved the fare increase application, but the increase is lower than the increase applied by the Star Ferry. The fare increased from $3.2 to $5, an increase of 56%, but it was still lower than the Star Ferry’s application to increase to $6.4, while the holiday fare increased from $4.2 to $6.5, an increase of about 55%.
▼Executive Council on January 31 passed the Star Ferry fare increase application▼
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The Star Ferry responded that it was grateful to the government for facing up to the difficult business situation and speeding up the approval of the fare increase application. Star Ferry respected the government's decision on the fare increase range.
Tianxing can break even two years after the price increase: it is too early to draw conclusions at this stage
As for the expectation that the balance of payments will be achieved two years after the fare increase, Tianxing said that it is too early to draw conclusions at this stage, especially the actual speed at which the tourism industry will return to normal is still unknown. , Tianxing still has to face the burden brought by the mid-term operating loss, especially the company has completely exhausted the company's financial resources to support operations in the past few years, so how to overcome this difficult period is an urgent need to solve, Tianxing will continue to communicate with relevant government departments.
In February last year, an application for a fare increase was submitted, and the increase was about doubled.
According to the documents submitted by the Star Ferry to the government, the Star Ferry submitted an application for fare increase in February last year, requesting to increase the fare of two franchised routes, namely the "Central-Tsim Sha Tsui" and "Wan Chai-Tsim Sha Tsui" routes, for adults, children and The fare for people with disabilities will be doubled from the current fare. For the route from Tsim Sha Tsui to Central, the one-way fare for adults on the upper deck will increase by 3.2 yuan, which means the new fare will be 6.4 yuan, and the fare will reach 8.4 yuan on Saturdays, Sundays and public holidays.
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The last fare increase was in February 2021, and ticket revenue still fell by 47%
The last fare increase for the Star Ferry was on February 9, 2021. At that time, the one-way fare of the two routes was increased by 0.3 to 0.5 yuan, and the monthly ticket was increased by 25 yuan. %.
The document mentioned that after Skystar raised its fare at that time, its ticket revenue for the year still fell by 47% compared with 2018.
Chen Hengpin is worried about the increase in fares and the reduction of tourists, urging the Hong Kong government to actively support Tianxing to expand non-ticket revenue
DAB Legislative Council Member Chen Hang-pin pointed out that due to competition from other public transport and the impact of the epidemic in recent years, the Star Ferry has suffered a serious loss of passengers. The ferry company has fallen into financial difficulties, with a cumulative loss of more than 70 million yuan. The fare increase can only relieve the company's finances in the short term However, the general public has a negative impression of the large increase in public transport fares, and they are more worried that the increase in fares may reduce the source of tourists, and the result is just the opposite.
Chen Hengbin believes that since the Star Ferry is an important tourism resource in Hong Kong and one of the world-renowned tourism projects, the Hong Kong government should not only approve the fare increase, but also actively support the company to expand non-ticket revenue, such as subsidizing the renovation of the pier and upgrading the power facilities of the pier. Introduce more restaurants and shops, etc., and make the pier a resort for tourists and local residents to enjoy the Victoria Harbour, in order to enhance the sustainable development capability of the Star Ferry.
When did the Star Ferry last increase its fare?
February 9, 2021
What routes does the Star Ferry serve?
Tsim Sha Tsui - Central, Tsim Sha Tsui - Wan Chai
On New Year’s Eve, the MTR will run all night. I can see the extension of the bus service. Take the Star Ferry and trams in the early morning. The TAC hopes to improve the MTR fare mechanism. The final batch of fares will be increased but the price of the monthly ticket will remain the same. The Star Ferry will apply for double the fare.