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Time for Marlin to decide which way to go

Date Posted: 1999-09-25

Okinawa Marine Jet Kanko Co., the operator of the high speed hydrofoil craft Marlin that plies the route between Naha, Ie Island and Motobu, conducted its executive directors’ meeting, Tuesday, in order to make a decision of the future course of the third sector venture. The company has been losing money ever since it started operations two years ago. Okinawa Vice Governor Hideo Ishikawa serves as the president of the company.

A financial analysis compiled with the help of the Small & Middle-Sized Company Association of Okinawa painted a rather bleak picture about the company finances. The analysis concluded that the only ways to continue are either drastically reduce costs and personnel and at the same time find alternate routes that can attract more passengers to increase revenue, or to close the business in order to avoid piling up more debt. The report concludes that there is no way for the company to survive in the business unless changes are made. It also noted that it is not likely that the company will get more taxpayers’ money from the prefecture coffers.

The Marlin managed to increase its passenger count to 28 percent of the capacity during the period from April through July this year, but the increase is not large enough to put the venture in the black.

The officials of the company are scheduled to decide which course of action they are going to take at the next executive committee meeting scheduled for the end of October.

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