(BC Ferries photo)

BC Ferries sees net earnings of $90M in second quarter

Net earnings are down as a result of lowering fares, adding more sailings to meet customer demand according to report

BC Ferries garnered $315.8 million in revenue according to a new report from the passenger ferry operator, translating to net earnings of $90 million.

According to second quarter results in a press release, net earnings are down compared to the same period last year, a three-month term ending on Sept. 30.

RELATED: Debit now accepted onboard BC Ferries

The company said the decrease is the result of lowering fares and adding more sailings to meet customer demand.

“BC Ferries provided 288 (640 year-to-date) additional round trips compared to the same time last year throughout the system and adjusted the schedules for the routes operating out of Horseshoe Bay terminal,” said Mark Collins, president and CEO of BC Ferries.

RELATED: Former BC Ferries CFO paid almost $500,000 settlement

In April, a fare reduction of 15 per cent was put into effect on all but three Metro Vancouver to Vancouver Island routes. As well, the seniors’ passengers discount was increased from 50 to 100 per cent for weekday travel, excluding Fridays.

The initiative is part of a two-year plan funded by the province and BC Ferries.

RELATED: Changes coming to BC Ferries reservations for Vancouver Island routes

Additional sailings and the schedule adjustments required for them increased operating expenses by $13.9 million in the quarter. A new direct route between Port Hardy and Bella Coola also resulted in additional costs for labour, fuel and training.

BC Ferries plans to invest more than $3.9 million as part of its 12-Year Capital Plan, upgrading its fleet, utilizing alternative energy sources and overhauling terminals like the one at Swartz Bay.

RELATED: Ferry terminals to see improvements

“We are planning for a more resilient ferry service that takes into account the energy transition to a lower carbon future and that can address customers’ interests in the areas of reliability, affordability and choice,” Collins said. “In developing our plan, we recognize that decisions we make today must consider the way people will travel tomorrow.”


Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Another snowstorm expected for Terrace and Kitimat area

Wind is expected up to 80 km per hour

Don’t do anything hasty!

Kitimat sees a huge jump in property assessment values

Kitimat man gets 18 months for sexual touching and possession of child porn

Bradley Scott Sears appeared before court in Terrace after pleading guilty

Northern B.C. cities break temperature records amid cold snap

Quesnel dipped to -41.9 C, breaking a record from 1916

Pipeline at centre of B.C. conflict is creating jobs for First Nations: chief

All 20 elected band councils along the Coastal GasLink pipeline route have signed benefits agreements

Kids across Canada more at risk of hospitalization from flu this season: doctor

Dr. Theresa Tam said influenza B does not usually peak until February or later

Closed mills, housing surge support a positive forecast for lumber industries

B.C. lumber producers have closed mills accounting for 18% of province’s capacity, RBC report says

Good Samaritan pays part of rent for B.C. woman facing eviction in can-collecting dispute

Zora Hlevnjak, 76, supplements her pension by collecting cans and receiving public donations

Kelowna’s ‘Baby Mary’ finds biological parents after more than 30 years

Geneologist and DNA test helped her connect with her biological parents

Kelowna hotel to award couples for baby-making with Nooner deal

The deal includes a free stay every Valentine’s Day for the next 18 years

‘Scariest boat ride of my life’: Passengers trapped by ice on rocky B.C. ferry sailing

The Nimpkish docked in Bella Coola on Jan.12 coated in a thick layer of ice

B.C. pair ordered to pay $55,000 for oil tank discovered four years after selling home

Judge says defendants breached contract, despite being unaware of tank until basement flooded

Canada to give $25,000 to families of each Canadian who died in Iran plane crash

Prime Minister Justin Trudeau also made it clear that Canada still expects Iran to compensate victims

Oil and gas industry applauds top court’s dismissal of B.C.’s Trans Mountain case

The high court’s ruling Thursday removes one of the remaining obstacles for the project

Most Read