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

Fat Tire Girls

Tough north-island duo braves river crossings and storm winds on cycling trek from Tlell to Tow Hill

Time is right for War of the Blink

New Haida manga by Michael Nicoll Yahgulanaas tells a war story that ends in the blink of an eye

Masset Magic: A Christmas Classic to remember

By Jana McLeod Here I am, a full hour before the column… Continue reading

Protest stops logging near Tlaa Gaa Aawtlaas

After a blockade organized by Old Massett Village Council, local loggers agreed… Continue reading

Queen Charlotte police seeking man wanted for assault

Queen Charlotte RCMP are asking for help finding a man wanted for… Continue reading

B.C. boy denied $19,000-per-month drug to ease ‘crippling pain’ for 3rd time

Sooke mom Jillian Lanthier says son Landen Alexa has been forgotten about by Premier John Horgan

Senior randomly stabbed in B.C. mall food court

Woman arrested after victim, 71, suffers serious injuries

B.C. Liberal hopefuls begin final leadership push

Five MLAs, one outsider pitch policies to party members

UPDATED: ‘Young, innocent’ teen hit during Vancouver shootout dies

15-year-old Coquitlam boy was in a car driving by the scene

Ontario man charged with selling Canadian’s usernames and passwords

Ontario man ran site that peddled billions of pieces of personal data: RCMP

Video: B.C. documentary features Okanagan ice climbing

First documentary for Penticton filmmaker captures elusive Okanagan ice climbing

David Emerson quits lumber talks as legal action begins

Former federal minister served as B.C. softwood trade point man

Singer of the Cranberries dead at 46

Her publicist says Dolores O’Riordan died suddenly Monday in London. The cause of death wasn’t immediately available.

Toronto police say young girl made up story about hijab cutting

The investigation has been closed after 11-year-old girl claimed her hijab was cut by a scissors-wielding man

Most Read