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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

Fundraiser Held for USS Gerald R. Ford Crew

Blackmer, a company in positive displacement and centrifugal pump and reciprocating compressor technologies, has a relationship with the U.S. Military that dates

Russia, US Blame Each Other for Maritime Incident

Russia and the United States gave contradictory accounts on Tuesday of an incident involving the two countries' navies in the Mediterranean Sea on June 17, each

This Day In Naval History: June 28

1776 - Army Col. William Moultries' troops defend Sullivans Island and Charleston, S.C. from an attack by British Commodore Sir Peter Parker and his fleet during the American Revolution.

Finance

CMA CGM Crosses 91.05% Ownership Threshold of NOL

CMA CGM S.A has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL).    Following its all-cash voluntary conditional

Navios Partners Appoints Lampros Theodorou as Director

US-listed owner and operator of container and dry bulk vessels Navios Maritime Partners has appointed Lampros Theodorou to its Board of Directors.   “We are delighted Mr.

Baltic Index Rises for Fifth Consecutive Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday for a fifth straight session on stronger demand across all vessel segments.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.0752 sec (13 req/sec)