BC Ferries announced healthy financial returns, Friday. (BC Ferries/News Files)

Drop in earnings for BC Ferries, over $240M invested in capital expenditure

Company posted consolidated net earnings of $52.2 million

BC Ferries announced a drop in earnings, Friday, with the company keen to stress its focus on the future.

Consolidated net earnings for 2019 are $52.2 million, compared to $59.9 million for the fiscal year 2018. BC Ferries say they experienced the highest vehicle traffic levels ever and passenger traffic levels were the second highest in the company’s history.

ALSO READ: Woman flees North Saanich RCMP in dinghy

“High traffic volumes allow good financial results which enable us to expand our service to communities, renew the fleet, upgrade terminals, pay down debt and reduce future borrowing,” said Mark Collins, BC Ferries’ President and CEO. “These are essential for a sustainable and environmentally-friendly ferry system. Our $3.9 billion, 12-year capital plan addresses the need for a more resilient ferry service and emphasizes capacity, operational efficiency, affordability and flexibility.”

BC Ferries invested $241.1 million in capital expenditures in the 12 months ending March 31. Vessel upgrades and modifications cost $133.5 million, while $49 million was spent on new vessels themselves. A total$28.2 million went into information technology, $19.5 million into terminal building upgrades and $10.9 million into terminal marine structures.

Five of the vessels operate on liquefied natural gas (LNG), which while still a fossil fuel, is cleaner than diesel. The cable ferry, which operates between Buckley Bay on Vancouver Island and Denman Island, has smaller power requirements than a traditional ferry, leading to a reduction in greenhouse gas emissions of approximately 50 per cent.

ALSO READ: BC Ferries adds extra and late night summer sailings

BC Ferries has two Island Class electric battery hybrid ships under construction and when electric technology matures and electricity is available in the quantities required, BC Ferries intends to operate them as fully electric ferries.

“Continued investment to reduce our environmental footprint is of great importance to BC Ferries,” said Collins. “We are on a path to greater sustainability by continuously developing and implementing innovative and cost-effective ways to minimize our impact on the coastal environment in which we operate.”



nick.murray@peninsulanewsreview.com

Like us on Facebook and follow us on Twitter

Just Posted

Victoria’s Our Place Society celebrates belated 50th anniversary with block party

The 900-block of Pandora will close for a celebration on July 28

Greater Victoria sees crime severity index rise

Fraud cases rise 31 per cent over previous year

Victoria post-secondary schools reveal most popular programs

Camosun College, the University of Victoria and Royal Roads University share students’ top picks

Watchdog group says Saanich council needs a ‘reality check’ about taxes

Grumpy Taxpayer$ of Greater Victoria warns of eroding housing affordability in Saanich

Time-lapse video shows weekend work on McKenzie Interchange project

Construction crews place concrete underpass bridge beams

VIDEO: Man found dead near B.C. teens’ truck could be linked to a double homicide

RCMP said they are looking for Kam McLeod, 19, and Bryer Schmegelsky, 18, of Port Alberni

Latest plan is to fly trapped fish by helicopter over Big Bar slide

Multi-pronged plan set in motion to freesalmon blocked by landslide in the Fraser River

Family of missing B.C. senior with dementia frustrated with situation, heartened by community support

Nine days since Grace was last seen the question remains: ‘How can an 86-year-old just disappear?’

Police ask for help locating missing men last seen in South Surrey

Jeep that Richard Scurr and Ryan Provencher were in has been located unoccupied in Logan Lake: RCMP

Okanagan Air Cadet challenges gender-exclusive haircut policy

Haircut regulation inspires challenge around gender identity

VIDEO: Bystander training gains traction as tool to prevent sexual harassment, violence

Julia Gartley was sexually assaulted after an event, and no one stepped in to help

Sexual assaults, extortion on the rise even as crime rates stay low: Stats Canada

Rates of police-reported sexual assault rose for the fourth year in a row

Vancouver Island teens missing after vehicle found ablaze near Dease Lake, BC

RCMP say a body discovered nearby not one of the missing teens

Most Read