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

Unplanned Encounters Discussed at Navy CNO's China Meeting

Chief of Naval Operations (CNO) Adm. Jonathan Greenert has left the People's Republic of China (PRC) after a successful four-day counterpart visit with military leaders,

Russia Doubts France Will Cancel Warships Sale

A senior Russian official said on Monday he doubted France would cancel its sale of warships to Russia, despite coming under pressure from other Western leaders

Cameron Questions France's Sale of Warships to Russia

British Prime Minister David Cameron on Monday questioned France's plan to sell Mistral helicopter carriers to Russia, saying fulfilling such an order would be

Finance

Germany as a Maritime Location Endangered: VDR

Germany, which currently is home to the world’s biggest container vessel fleet, will in future have fewer small shipping firms as European banks avoid the industry

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Wärtsilä's JV with CSSC to Expands Engines Range

Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Ship Repair 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: 0.1505 sec (7 req/sec)