(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

Just Posted

St. Michael’s KIDS Care Centre and Little Saints kindergarten celebrated

Little Saints Junior Kindergarten will be ready to go this fall

A hint of NHL favoritism?

“There will certainly be lots of side stories, bottom stories, involved to draw my attention.”

Historic maps reveal obscure Arrow Lake place names

Place Names: Little-known Arrow Lakes names

New head of library services at Trail Riverfront Centre

Samantha Murphy filled various positions at the Trail library over the past 5 years

Police investigating felling of old cedars at Cottonwood Lake

One of the cedars was 300 to 450 years old

UPDATE: B.C. pilot killed in Honduras plane crash

The crash happened in the Roatan Islands area, according to officials

Raptors beat Bucks 118-112 in 2OT thriller

Leonard has 36 points as Toronto cuts Milwaukee’s series lead to 2-1

‘Teams that win are tight’: B.C. Lions search for chemistry at training camp

The Lions added more than 50 new faces over the off-season, from coaching staff to key players

Rescue crews suspend search for Okanagan kayaker missing for three days

71-year-old Zygmunt Janiewicz was reported missing Friday

B.C. VIEWS: Reality of our plastic recycling routine exposed

Turns out dear old China wasn’t doing such a great job

Carbon dioxide at highest levels for over 2.5 million years, expert warns of 100 years of disruption

CO2 levels rising rapidly, now higher than at any point in humanity’s history

B.C. ferry stops to let black bear swim past near Nanaimo

Queen of Oak Bay brakes for wildlife in Nanaimo’s Departure Bay

Mother dead, child in critical condition after carbon monoxide poisoning at Shuswap campground

The woman was found unresponsive insider her tent and the youth was taken via air ambulance to hospital

Canada’s parole officers say correctional system has reached breaking point

About half of Canada’s federal parole officers work inside penitentiaries and correctional institutions

Most Read