BC Ferries makes money in first quarter

  • Sep. 3, 2012 6:00 a.m.

BC Ferries made $3.3 million in its first quarter this year, compared to a net loss of $3.5 million in the first quarter of 2011. In the first quarter – April, May and June – revenues increased by almost 6 percent to $197.6 million, with operating expenses increasing 2 percent to $176.9 million, compared to the first quarter of last year. Almost half the increased revenue was due to higher fuel surcharges, BC Ferries said. The increased expenses were attributed to higher fuel prices, and higher depreciation and amortization charges. The improved results came despite a continued drop in traffic. In the first quarter of this year, BC Ferries saw passenger numbers decline 2.4 percent and vehicle numbers down 1.7 percent compared to the previous year. BC Ferries also said it is undertaking a multi-year, $39 million customer service program that will replace its aging point of sale and reservations systems.