(BC Ferries photo)

(BC Ferries photo)

BC Ferries sees net earnings of $90M in second quarter

Net earnings are down as a result of lowering fares, adding more sailings to meet customer demand according to report

BC Ferries garnered $315.8 million in revenue according to a new report from the passenger ferry operator, translating to net earnings of $90 million.

According to second quarter results in a press release, net earnings are down compared to the same period last year, a three-month term ending on Sept. 30.

RELATED: Debit now accepted onboard BC Ferries

The company said the decrease is the result of lowering fares and adding more sailings to meet customer demand.

“BC Ferries provided 288 (640 year-to-date) additional round trips compared to the same time last year throughout the system and adjusted the schedules for the routes operating out of Horseshoe Bay terminal,” said Mark Collins, president and CEO of BC Ferries.

RELATED: Former BC Ferries CFO paid almost $500,000 settlement

In April, a fare reduction of 15 per cent was put into effect on all but three Metro Vancouver to Vancouver Island routes. As well, the seniors’ passengers discount was increased from 50 to 100 per cent for weekday travel, excluding Fridays.

The initiative is part of a two-year plan funded by the province and BC Ferries.

RELATED: Changes coming to BC Ferries reservations for Vancouver Island routes

Additional sailings and the schedule adjustments required for them increased operating expenses by $13.9 million in the quarter. A new direct route between Port Hardy and Bella Coola also resulted in additional costs for labour, fuel and training.

BC Ferries plans to invest more than $3.9 million as part of its 12-Year Capital Plan, upgrading its fleet, utilizing alternative energy sources and overhauling terminals like the one at Swartz Bay.

RELATED: Ferry terminals to see improvements

“We are planning for a more resilient ferry service that takes into account the energy transition to a lower carbon future and that can address customers’ interests in the areas of reliability, affordability and choice,” Collins said. “In developing our plan, we recognize that decisions we make today must consider the way people will travel tomorrow.”


Like us on Facebook and follow us on Twitter

bc ferryBCFerries

Just Posted

Fruit farmers in the Okanagan and Creston valleys are in desperate need of cherry harvesters amid COVID-19 work shortages. (Photo: Unsplash/Abigail Miller)
‘Desperate’ need for workers at Okanagan cherry farms

Fruit farmers are worried they’ll have to abandon crops due to COVID-19 work shortages

A tent housing a mobile vaccination clinic. (Interior Health/Contributed)
Over 5K jabbed at Interior Health mobile COVID-19 vaccine clinics

The clinics have made stops in more than 40 communities since launching last week

Provincial Health Officer Dr. Bonnie Henry talks about B.C.’s plan to restart the province during a press conference at Legislature in Victoria, Tuesday, May 25, 2021. THE CANADIAN PRESS/Chad Hipolito
Interior Health COVID-19 cases falling slower than the rest of B.C.

More than a third of provincial cases announced Thursday came from the Interior

The Greater Vernon Chamber of Commerce will host the Valley Wide Business Expo May 4 at Predator Ridge Resort. (photo submitted)
Golf raffle helps Okanagan families score homes

Habitat for Humanity Okanagan swinging into action this summer with a new raffle

The weekly COVID-19 map for June 6 to 12. (BC CDC)
South Okanagan sees only 5 new cases in last week

The Similkameen Valley went a second week without any new cases

Marco Mendicino, Minister of Immigration, Refugees and Citizenship during a press conference in Ottawa on Thursday, May 13, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Canada to welcome 45,000 refugees this year, says immigration minister

Canada plans to increase persons admitted from 23,500 to 45,000 and expedite permanent residency applications

Emily Steele holds up a collage of her son, 16-year-old Elijah-Iain Beauregard who was stabbed and killed in June 2019, outside of Kelowna Law Courts on June 18. (Aaron Hemens/Capital News)
Kelowna woman who fatally stabbed Eli Beauregard facing up to 1.5 years of jail time

Her jail sentence would be followed by an additional one to 1.5 years of supervision

Cpl. Scott MacLeod and Police Service Dog Jago. Jago was killed in the line of duty on Thursday, June 17. (RCMP)
Abbotsford police, RCMP grieve 4-year-old service dog killed in line of duty

Jago killed by armed suspect during ‘high-risk’ incident in Alberta

The George Road wildfire near Lytton, B.C., has grown to 250 hectares. (BC Wildfire Service)
B.C. drone sighting halts helicopters fighting 250 hectares of wildfire

‘If a drone collides with firefighting aircraft the consequences could be deadly,’ says BC Wildfire Service

A dose of the Pfizer-BioNTech COVID-19 vaccine is pictured at a vaccination site in Vancouver Thursday, March 11, 2021. THE CANADIAN PRESS/Jonathan Hayward
NACI advice to mix vaccines gets varied reaction from AstraZeneca double-dosers

NACI recommends an mRNA vaccine for all Canadians receiving a second dose of a COVID-19 vaccine

A aerial view shows the debris going into Quesnel Lake caused by a tailings pond breach near the town of Likely, B.C., Tuesday, Aug. 5, 2014. THE CANADIAN PRESS/Jonathan Hayward
Updated tailings code after Mount Polley an improvement: B.C. mines auditor

British Columbia’s chief auditor of mines has found changes to the province’s requirements for tailings storage facilities

Starting in 2022, the Columbia Shuswap Regional District is extending dog control to the entire Electoral Area D. (Stock photo)
Dog control bylaw passes in Shuswap area despite ‘threatening’ emails

CSRD board extending full dog control in Electoral Area D starting next year

A North Vancouver man was arrested Friday and three police officers were injured after a 10-person broke out at English Bay on June 19, 2021. (Youtube/Screen grab)
Man arrested, 3 police injured during 10-person brawl at Vancouver beach

The arrest was captured on video by bystanders, many of whom heckled the officers as they struggled with the handcuffed man

Most Read