BC Ferries reports $16.5 million net loss after vehicle traffic hits 13 year low - InfoNews

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BC Ferries reports $16.5 million net loss after vehicle traffic hits 13 year low

B.C. Ferries vessel Spirit of Vancouver Island passes between Galiano Island and Mayne Island on August 26, 2011. THE CANADIAN PRESS/Darryl Dyck
June 15, 2012 - 3:38 PM

VICTORIA - BC Ferries says vehicle traffic on its ships is the lowest in 13 years, while passenger traffic has plunged to a 21-year low.

As a result, the company is reporting a net loss of $16.5 million for the fiscal year that ended on March 31.

Last year, BC Ferries reported net earnings of almost $4 million.

Vehicle traffic dropped 3.5 per cent during the fiscal year while the number of passengers fell 2.8 per cent.

Revenues dipped by one million dollars to $738 million, but operating expenses jumped by $10 million to $682 million, mostly because of higher fuel and amortization costs.

Last month, the B.C. Liberal government passed the Coastal Ferry Act, which approves almost $80 million to help offset fare increases, but sets the stage for major changes that will include cuts in ferry service.

News from © The Canadian Press, 2012
The Canadian Press

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