BC Ferries releases first quarter results
BC Ferries released its first quarter results today for the three months ended June 30, 2018. The passenger traffic levels experienced during this period were the highest the company has experienced in over 20 years and the vehicle traffic levels were the highest ever recorded.
“Traffic across the system has grown and we are working hard to deliver the travel experience our customers expect,” said Mark Collins, BC Ferries’ President and CEO. “However at these unprecedented traffic levels we know that some travellers and communities are seeing some delays. To address this, we’ve added even more extra sailings this summer for the increased demand while maintaining key operational targets like safety and on-time performance.”
Net earnings for the first quarter of fiscal 2019 were $6.0 million, compared to net earnings of $17.3 million for the same quarter of the previous year. Net earnings decreased in this quarter due to BC Ferries’ contributions to the April 1 fare reductions as well as more sailings at popular sailing times.
At the start of fiscal 2019 (April 1, 2018), the fares on all routes were reduced by 15 per cent with the exception of the three Metro Vancouver – Vancouver Island routes where they were held constant. The B.C. seniors’ passenger discount was increased from 50 per cent to 100 per cent for travel Monday to Thursday. These initiatives are being partly funded by BC Ferries over two years.
Revenues increased by 1.5 per cent to $229.7 million in the quarter primarily as a result of the increased traffic levels, partially offset by a decrease in the average tariff per passenger and per vehicle due to the fare reductions.
