BC Ferries is reporting net earnings of $90.9 million in its second quarter ending Sep. 30. Photo courtesy BC Ferries.
BC Ferries says its net earnings were $90.9 million dollars in the second quarter of its fiscal year, a drop of $7.5 million in the same quarter last year.
Year-to-date net earnings through Sep. 30 were $96.9 million, $18.9 million below the same period the previous year.
The corporation says it is primarily due to an initiative to reduce fares and increased operational expenses with additional sailings to meet customer demand.
BC Ferries says operation expenses increased by $13.9 million to $211.2 million in the quarter with added sailings, schedule adjustments and the introduction of a new direct route between Port Hardy and Bella Coola.
According to BC Ferries, the route added costs for labour, fuel and training.
The increased traffic and ferry service fees were leading factors in BC Ferries reported a $5.8 million climb in revenues compared to the same period last year to $315.8 million.
Capital expenditures in the second quarter were $54 and $126.8 million for the six month period ending Sep. 30.
BC Ferries says significant investments include the Spirit Class mid-life upgrades, the Northern Sea Wolf and terminal modifications and the new Island Class vessels under construction.
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