B.C. Ferries Reports Q1 profit of $76.2m

Friday, August 18, 2006
British Columbia Ferry Services Inc. reported a first-quarter profit of $76.2m due to insurance proceeds of $67.9m in connection with the sinking of the Queen of the North ferry. The ferry operator said Thursday that excluding the one-time gain, it would have earned $14.9 million on revenue of $146.3 million. That compared to a profit of $14.4 million on revenue of $145.2 million a year ago. The company said the money from the insurance payment will be used to buy a replacement ship. The Queen of the North sank March 22 after striking Gil Island in Wright Sound in 430 metres of water. Two people remain missing and are presumed dead after the late-night incident in which 99 people were safely removed from the stricken vessel. Two lawsuits are pending as a result of the sinking. B.C. Ferries provides year-round ferry transportation services to the West Coast on 25 routes, with 34 vessels and 47 terminals. Source: 570 News
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