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