(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

bc ferryBCFerries

Just Posted

COTR honours Orange Shirt Day

A virtual event to raise awareness about Orange Shirt Day is being hosted early on Sept. 22

Invermere gets new CAO

Invermere found his new CAO after a long period of research.

Radium council discusses short term rentals

RHS council are elaborating the second draft plan for STR

Farmers’ Institute report highlights emerging local food scene

Beef cattle ranching remains mainstay of valley agriculture

Weekend sees 267 cases, 3 deaths in B.C.; Dr. Henry says events leading to COVID spread

There are currently 1,302 active cases in B.C., while 3,372 people are under public health monitoring

B.C. VOTES 2020: Echoes of HST in B.C. debate over sales tax

Cannabis, tobacco, luxury cars still taxed in B.C. Liberal plan

She warned her son about toxic drugs, then he was dead

Donna Bridgman’s son died at the age of 38 in Vancouver

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

B.C. food and beverage producers set record sales in 2019

Farmed salmon again leads international exports

B.C. marriage annulled because husband was unable to have sex with wife

Husband did not disclose any sexual health concerns to his wife prior to marriage

Most Read