B.C. Ferries reports $14.8 million net loss in third quarter results

B.C. Ferries reports $14.8 million net loss in third quarter results

File photo.

File photo.

Maintenance and additional service costs brought a net loss of $14.8 million dollars for B.C. Ferries in their third quarter financial results.

That’s compared to the $4 million net loss last year over the same three month period ending December 31.

In the three month period that ended December 31, earnings are down compared to the $4 million net loss in the same quarter last year.

B.C. Ferries says the numbers are a reflection of service enhancements and nearly 440 additional round trips in the quarter that resulted in an increase of fuel consumption, labour and training related costs.

Net earnings over the fiscal year are $100.9 million compared to $118.2 million over the same timeframe the previous year.

The company expects year-end results to be lower than the third-quarter total.

Capital costs reached $47.8 million in the quarter and are $191.3 over the year for vessel replacements, information technology and upgrades to ferries and terminals.

The company says earnings in the first two quarters are typically reduced by net losses in the last two quarters of the fiscal year, ending March 31.

“With increased traffic, BC Ferries has had two strong years financially and the company is pleased to contribute to government’s fare initiatives,” B.C. Ferries’ President and CEO Mark Collins said in a statement.

“This will see a fare freeze on the major routes, a reduction in fares by 15 per cent on the minor and northern routes and the reinstatement of the
full seniors’ passenger discount Monday through Thursday starting April 1, 2018.”

B.C. Ferries also had its highest levels of vehicle and passenger traffic in a third quarter since 2004.

There were 1.9 million vehicles and 4.6 million passengers on 42,000 sailings in the last three months of 2017.

That is an increase of 5.2 per cent of vehicles and 5.1 per cent of passengers on board B.C. Ferries’ routes compared to the same quarter last year.

Andy NealAndy Neal

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