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BC Ferries releases year-end results

by pmnationtalk on June 22, 2018201 Views

June 19, 2018

VICTORIA – British Columbia Ferry Services Inc. (BC Ferries) released its year-end results today with consolidated net earnings of $ 59.9 million for fiscal 2018. This year, BC Ferries experienced the highest passenger traffic levels in 20 years and the highest levels of vehicle traffic ever.

“Strong financial results are essential for us to improve the customer experience in a variety of ways. This performance helps us to increase service, invest in new vessels and terminal infrastructure, offer discounts and minimize borrowing,” said Mark Collins, BC Ferries’ President and CEO. “Robust earnings allow us to operate a sustainable coastal ferry system that will serve our customers for generations to come. We also use net earnings to deliver an improving customer experience with modernized information technology systems and more environmentally-friendly ships.”

BC Ferries has continued to focus on fare affordability. During fiscal 2018, there were no increases to vehicle and passenger fares across all routes with the exception of the 1.9 per cent vehicle fare increase on the Major Routes between Metro Vancouver and Vancouver Island. Despite this increase, the average cost of vehicle travel on the Major Routes dropped year-over-year due to promotional discounts and the reduction in reservation fees. In addition, BC Ferries absorbed $15.7 million to eliminate the balance in the non-northern routes’ deferred fuel cost account.

At the start of fiscal 2019 (April 1, 2018), the fares on all routes were reduced by 15 per cent with the exception of the three Metro Vancouver – Vancouver Island routes where they were held constant. The B.C. seniors’ passenger discount was increased from 50 per cent to 100 per cent for travel Monday to Thursday. These initiatives will be partly funded by the Province.

On June 12, 2018, BC Ferries announced that due to current world fuel market conditions, the company will remove the fuel rebates currently in place on June 27, 2018.

BC Ferries uses a fuel rebate/surcharge mechanism to manage the volatility in the price of fuel. When fuel prices are lower, BC Ferries passes lower fuel prices on to customers through a fuel rebate. When fuel prices are higher, BC Ferries charges a fuel surcharge specifically designed to cover the additional cost of fuel. The company does not benefit financially from the mechanism. Fuel rebates of 2.9 per cent for the major and minor routes and 1.9 per cent for the northern routes have been in place since the spring of 2016. This equates to 50 cents for an adult and $1.70 for a vehicle on the Metro Vancouver – Vancouver Island route and 30 cents for an adult and 70 cents on a variety of minor routes, for example.

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