Mike,
An $8,000 profit on $55,000 (the price Farrail was charged) is about 15%, but that is after expenses. Most business would be happy to make 15% after expenses. I know I would. If I make 7% before taxes, it's a good year! And the C&TS doesn't have to pay taxes on their profit!
You also need to consider that the reason the State's bought the railroad was to provide economic benefits to a traditionally disadvantaged region. That means jobs on the railroad and jobs at motels and restaurants. The Farrail tour booked every room in Antonito on the two days after the season had ended. I went by the motel the day after and there was one car in the parking lot. That was a nice bit of extra business for Antonito. The motel I stayed at in Chama was booked solid because of the charter. There were 5 days of additional crew wages paid out as well.
Even if the railroad merely breaks even on a charter, it is fulfilling it's other function of providing economic benefits to the region.
Michael Allen