B.C. Ferries posts busiest year ever, but also a decline in net earnings
B.C. Ferries is busier than ever.
Over the past year, B.C. Ferries set an all-time record for vehicles moved, and the number of passengers carried was the highest in 20 years.
The ferry company said Tuesday that during the most recent fiscal year, which closed April 1, net earnings were $59.9 million, a decline from the previous year due to a “one-time increase in fuel consumption, labour and training-related transition costs” because of added costs on inter-island routes and the fact they brought three new Salish Class ships into service.
“Strong financial results are essential for us to improve the customer experience in a variety of ways. This performance helps us to increase service, invest in new vessels and terminal infrastructure, offer discounts and minimize borrowing,” Mark Collins, B.C. Ferries’ president and CEO, said in a statement.
“Robust earnings allow us to operate a sustainable coastal ferry system that will serve our customers for generations to come. We also use net earnings to deliver an improving customer experience with modernized information technology systems and more environmentally friendly ships.”
Collins said the increase in traffic is expected to continue.
B.C. Ferries sailed 1,190 more round trips over the previous fiscal year.