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 resident faces discrimination from BC Transit since transitioning to a wheelchair

Daniel Sands says they are often not allowed on buses, even when there is room

Canada Post carrier seriously injured in Saanich dog attack

The employee was bitten on the hand and arm

North Saanich woman arrested after police pursuit, alleged abduction at elementary school

Two police officers were injured and one police vehicle damaged

Single dad reaches out to Greater Victoria community to help kids celebrate Christmas

A young family was overwhelmed with the warm response from strangers

VIDEO: More air-passenger rights go into effect this weekend

The first set of passenger rights arrived in mid-July in Canada

Swoop airlines adds three destinations in 2020 – Victoria, Kamloops, San Diego

Low-fair subsidiary of WestJet Airlines brings new destinations in April 2020

POLL: Do you have a real or artificial Christmas tree?

The lights are up, holiday shoppers are bustling through the streets and… Continue reading

Navigating ‘fever phobia’: B.C. doctor gives tips on when a sick kid should get to the ER

Any temperature above 38 C is considered a fever, but not all cases warrant a trip to the hospital

Transportation Safety Board finishes work at B.C. plane crash site, investigation continues

Transport Canada provides information bulletin, family of victim releases statement

Wagon wheels can now be any size! B.C. community scraps 52 obsolete bylaws

They include an old bylaw regulating public morals

Suspect steals 150 pairs of cosmetic contacts from Nanaimo party supply store

Incident happened at Pattie’s Party Palace on Rutherford Road on Thursday

Indigenous mother wins $20,000 racial discrimination case against Vancouver police

Vancouver Police Board ordered to pay $20,000 and create Indigenous-sensitivity training

Greater Victoria wanted list for the week of Dec. 10

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Most Read