British Columbia Ferry Services Inc. (BC Ferries) announced its third quarter results for fiscal 2006/07 with a net loss of $1.8 million for the three months ended December 31, 2006, compared to a net loss of $0.9 million in the same quarter last year.
Due to the seasonality of ferry travel
, BC Ferries typically generates higher net earnings in the first and second quarters, which are subsequently reduced by net losses in the last two quarters of its fiscal year.
Due to a gain of $61.3 million reported in the first quarter of fiscal 2007, which resulted from insurance proceeds following
the loss of the Queen of the North, net earnings for the nine-month period ended December 31, 2006 were $143.3 million, compared to $74.7 million over the same nine-month period last year. Consolidated net earnings before the extraordinary gain for the nine months ended December 31, 2006 were $7.3 million or 9.8 percent higher than the nine months ended December 31, 2005.