BC Ferries’ passenger traffic levels experienced during Q1 were the highest the company has experienced in over 20 years and the vehicle traffic levels were the highest ever recorded.
However, net earnings were only CAD 6.0 million, compared to CAD 17.3 million for the same quarter of the previous year.
- Reasons:Operating expenses increased by 7.8% to $209.9 million as the company provided 352 additional round trips to meet the increase in demand. This resulted in an increase in labour and fuel consumption.
- One-time reintroduction costs for the upgraded SPIRIT OF BRITISH COLUMBIA.
- Fare reductions by 15%.
- C. seniors’ passenger discount was increased from 50% to 100% for travel Monday to Thursday.
Revenues increased by 1.5% to CAD 229.7 million primarily as a result of
the increased traffic levels, partially offset by a decrease in the average tariff per passenger and per vehicle due to the fare reductions.