BC Ferries Announces 3Q Results

Wednesday, March 01, 2006
British Columbia Ferry Services Inc. (BC Ferries) announced its third quarter results for fiscal 2005/06 with a net loss of $0.9 million for the three months ended December 31, 2005, compared to a net loss of $4.2 million in the same quarter last year. Due to the seasonality of ferry travel, BC Ferries generates higher net earnings in the spring and summer quarters, which are subsequently reduced by net losses in the last two quarters of its fiscal year. “The seasonal downturn in traffic allows us to facilitate extensive vessel maintenance and terminal improvements throughout the fleet,” said BC Ferries’ President & CEO David L. Hahn. “Investing in our infrastructure to ensure the safety and reliability of our operations continues to be a priority. In this fiscal year, which ends March 31, 2006, 28 of our vessels will undergo refit.” Third quarter consolidated operating revenues of $126.0 million compare with operating revenues of $122.7 million for the same period last year. Revenues for the nine months ended December 31, 2005, increased $11.9 million over the same period last year. This contributed to net earnings of $74.7 million, an increase of $3.6 million over the equivalent period in 2004. Despite the introduction of fuel surcharges enabled by the BC Ferry Commissioner, the deferred fuel cost accounts maintained by BC Ferries increased by $4.1 million during this three month period to a total of $20.6 million, as a result of the continuing high cost of fuel. For the nine months ended December 31, 2005, BC Ferries spent $53.0 million maintaining its fleet and facilities. During the same period, BC Ferries invested $75.2 million in infrastructure improvements, including $41.5 million in vessel upgrades and modifications, $20.8 million in marine structures and $6.6 million in terminal and structural upgrades.
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

The Martitime Security Focus Is Shifting

Former Vice-Admiral and Commander-in-chief of the German Navy Hans-Joachim Stricker, President of the German Maritime Institute (DMI), believes that in terms of

VSTEP Wins Mexican Navy Simulator Contract

The Mexican Navy selected VSTEP to supply a Class A NAUTIS Full Mission Bridge (FMB) Simulator and 24 NAUTIS desktop trainer stations for the Naval Academy in Veracruz.

Today in U.S. Naval History: July 29

Today in U.S. Naval History - July 29 1846 - Sailors and Marines from U.S. sloop Cyane capture San Diego, Calif. 1918 - Assistant Secretary of the Navy Franklin D.

Finance

Orica Fined Heavily for Australian Pollution Incidents

Orica Australia Pty Ltd has been convicted and penalised $768,250 in relation to charges brought by the NSW Environment Protection Authority (EPA) for pollution

DMR Publish Latest Container Census Report

Drewry Maritime Research (DMR) says it has just published it's latest Container Census report, providing a wealth of information on the container equipment market.

Höegh LNG Partners Launch IPO

Höegh LNG Partners LP ("Partnership"), a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd. ("Company"), announced today that it has commenced an initial public offering of 9,

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1619 sec (6 req/sec)