After a bumpy ride the last few years, it’s been smooth sailing for BC Ferries when it comes to earnings. Profits are up more than $20 million for the last fiscal year, the ferry corporation reports.
BC Ferries has released its year-end results for fiscal 2016 an they show consolidated net earnings of almost $70 million, compared to $49 million for fiscal 2015.
BC Ferries says the increase in profits are the result of an increase in traffic, cost containment, and an improvement in B.C.’s economic activity.
Revenues increased from $841 million in fiscal 2015 to almost $870 million in fiscal 2016.
Vehicle traffic was up almost 5 per cent and passenger traffic increased 4.5 per cent, returning ridership to levels not seen since the global economic collapse of 2009.
But BC Ferries is still facing a big challenge: replacing aging ships. Over the next 12 years, $3 billion is needed to replace aging vessels and infrastructure.