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

Navy

Australia Submarines: Japan Vs France

While Japan is confident it has proven itself the best contender to build Australia's new submarines, the French have moved to undermine Japan’s bid to build the navy’s new submarines.

DCNS Deploys 3DEXPERIENCE Solution

Dassault Systèmes and DCNS partner on the 3DEXPERIENCE innovation platform for next generation naval defense solutions   Multi-disciplinary, Collaborative Innovation

US Warship Rescues Mariners in Distress

Nimitz-class aircraft carrier USS Dwight D. Eisenhower (CVN 69) (Ike) came to the rescue of distressed mariners at sea, February 7.   Ike received a distress

Finance

Australia Submarines: Japan Vs France

While Japan is confident it has proven itself the best contender to build Australia's new submarines, the French have moved to undermine Japan’s bid to build the navy’s new submarines.

Limit Exposure with the Uniform Commercial Code

Demanding assurance pursuant to the UCC may save you from sinking on someone else’s ship. Vessel operations require a large network of companies that come together

Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Winch
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: 0.0762 sec (13 req/sec)