Ferries is making more money

  • Dec. 1, 2006 12:00 p.m.

Despite the loss of the Queen of the North earlier this year, BC Ferry Services Inc. is sailing through smooth financial waters. The company reports net earnings of $68.9-million for the three-month period ended Sept. 30, up from $61.2-million for the same period last year. For the six-month period ended Sept. 30, the picture is even rosier. Buoyed by an extraordinary gain of $61-million, the insurance proceeds from the sunken ferry, BC Ferries reports net earnings of $145.1-million for the first half of its financial year. That’s a 92-percent increase over net earnings of $75.6-million in the same period last year. The ferry service fees which BC Ferries receives from the provincial government were not affected by the sinking. The company received almost exactly the same amount from the province for service between April and October as it did last year, according to its financial statements. Chief executive David Hahn said BC Ferries is using the earnings to buy new ships and renovate terminals and infrastructure. For the first six months of this financial year, he said, BC Ferries spent $44-million in vessel upgrades and modifications, including a $5-million down-payment on the Sonia, the vessel which will replace the QN; $11-million in marine structures, $4-million in terminal and building upgrades; and $2-million in software development to help with customer service, retail and food management, and crew scheduling.

Just Posted

‘Beauty amongst such tragedy:’ B.C. photographer captures nature’s trifecta

David Luggi’s photo from a beach in Fraser Lake shows Shovel Lake wildfire, Big Dipper and an aurora

Ferry sailing delayed after divers check Northern Adventure

Divers called in to check propeller shaft, sailing to Haida Gwaii now 140 minutes behind

Haida Gwaii fishery staff gear up for marine mammal rescues

Haida fishery guardians and DFO fishery officers better equipped to rescue marine mammals

On the Wing: Heatwaves, forests and shorebirds

By Margo Hearne The dog days of summer continue. It’s been hot… Continue reading

Canadians fear for relatives trapped amid flooding in Indian state of Kerala

More than 800,000people have been displaced by floods and landslides

IndyCar driver Wickens flown to hospital after scary crash

IndyCar said Wickens was awake and alert as he was taken to a hospital

Ex-BCTF president ‘undeterred’ after early release from pipeline protest jail term

Susan Lambert and Order of Canada recipient Jean Swanson released early

Fast food chains look to capitalize on vegetarian, vegan trend with new items

Seven per cent of Canadians consider themselves vegetarians and 2.3 per cent identify as vegans

B.C. swimmer halts journey across Strait of Juan de Fuca after hypothermia sets in

Victoria MS athlete Susan Simmons swam for eight-and-a-half hours in 9 C choppy waters

‘Hard on water:’ Smoke not the only long-range effect of wildfires

The project began more than 10 years ago after southern Alberta’s 2003 Lost Creek fire

B.C. VIEWS: Genuine aboriginal rights are misused and discredited

Camp Cloud one of long line of protests falsely asserting title

Prime Minister Justin Trudeau to march in Montreal’s Pride parade

Trudeau will end the day in his home riding of Papineau

Most Read