British Columbia Ferry Services Inc. (BC Ferries) has released its first quarter results, showing net earnings for the first three months ended June 30, 2014 were $13.9 million, compared to net earnings of $4.3 million in the first quarter of the previous year.
These earnings reflect the effects of increased fares, higher ferry transportation fees, fuel surcharges and lower financing costs, partially offset by lower traffic levels, lower social program fees and operating cost increases.
In the first quarter of fiscal 2015, revenues increased by 6.6 per cent to $213.1 million, while operating expenses increased by 2.1 per cent to $182.5 million, compared to the first quarter of the previous fiscal year.
During the three months ended June 30, 2014, BC Ferries provided over 43,000 sailings, as compared to almost 46,000 sailings during the same quarter last year, carrying five million passengers and two million vehicles. Across the system, vehicle traffic decreased 0.4 per cent while passenger traffic increased 0.3 per cent, as compared to the same quarter last year.