BIWTC net profit set to fall far below expected level

The net profit of the Bangladesh Inland Water Transport Corporation (BIWTC) is set to fall far below the expected level this fiscal year (FY) as recent political turmoil badly affected its commercial operation, a high official said.
The BIWTC is now projecting its profit at Tk 480 million against its previous target of Tk 1.0 billion during the FY 2013-14.
The profits that the corporation made during the FY 2012-13 was double compared to the FY 2011-12. It earned net profit of Tk 516.6 million in the FY 2012-13 which was Tk 242.6 million during the FY 2011-12.
"We will not be able to achieve our profit target during the current fiscal due mainly to recent political turmoil that severely hampered passenger ship services and ferry movement," BIWTC chairman Mojibor Rahman told the FE Thursday.
He said though they are going to miss the profit target for the current fiscal, they expect the profit will be around Tk 480 million this fiscal.
He said that sincere efforts by the BIWTC officials and employees as well as checking misuse of oil and other unnecessary expenditure helped the organisation to be in the black over the last few years.
Mr Rahman said that at present BIWTC operates a number of passenger ships between Dhaka-Morelganj (Khulna) routes which are commercially viable.     
He said that the BIWTC is going to add another two new passenger ships for operating Dhaka- Barisal route. It (BIWTC) has spent Tk 514.3 million for building the two ships at the Western Marine Shipyard. The ships are MV Bangalee and MV Modhumoti.
Mr Rahman said the passenger ship 'MV Bangalee' will start operation tomorrow (Saturday) for Dhaka-Barisal route  that will help ensure smooth riverine connectivity between the capital and southern region of the country.
Prime Minister Sheikh Hasina will inaugurate the operation of MV Bangalee at Sadarghat river port in the capital tomorrow (Saturday).
He said that MV Modhumoti will be included in the existing fleet of BIWTC for Dhaka- Barisal route in June.  
MV Bangalee can accommodate 750 passengers. There are four VIP/ Family suite cabins, 34 first class double cabins, four single cabins, 18 second class double cabins, 84second class chairs and 550 third class (deck).
The length of 'MV Bangalee' is 75.75 metres, width 12.50 metres, height 3.00 metres and depth 1.60 metres with a speed of 11.50 nautical miles per hour.
The first class fare for Dhaka- Morelganj route of BIWTC passengers is Tk 3740 while the second class Tk is 1210.
The fare for MV Bangalee for Dhaka-Barisal route will be Tk 2310 for first class while the second class will be Tk 1210, BIWTC manager reservation told the FE.  
Ostrich, Mahsood, Tern, Lepcha, Sela and Sonargaon, are among the passengers ships of BIWTC, which are now operating in Dhaka-Morelganj route.