@bcferries.com
VICTORIA – BC Ferries released its results for the three months ended June 30, 2023 and traffic hit another record high.
In the three months ended June 30, 2023, BC Ferries carried 5.8 million passengers and 2.5 million vehicles, an increase of 7 per cent and 3 per cent, respectively, compared to the same period in the prior year.
To meet increasing customer demand, BC Ferries has expanded its variable fare choices, which include advance purchase saver fares on its Major Routes, and has offered more space for customers to book prior to sailing. These incentives help provide customers with affordable travel options, while also enabling BC Ferries to achieve higher capacity utilization.
“This quarter we sailed a record number of round trips and moved more people and vehicles than ever before in our history. The vast majority, 98.6 per cent, of our sailings happened as planned,” said Nicolas Jimenez, BC Ferries President and CEO. “We’re actively hiring to address our crewing shortages, which will improve staffing resiliency and support reliable service for our customers. I want to thank our staff for their dedication, professionalism and most importantly, for keeping everyone safe in our terminals and on board our vessels during this very busy time.”
In the three months ended June 30, 2023, BC Ferries’ net earnings were $15.2 million, an increase of $7.3 million compared to net earnings of $7.9 million in the same period in 2022. This is primarily as a result of higher traffic volumes, tariff increases and higher net retail sales, partially offset by higher operating expenses.
In the three months ended June 30, 2023, BC Ferries’ revenues were $286.9 million, an increase of $22.0 million or 8 per cent, compared to the same period in the prior year, primarily due to higher vehicle and passenger traffic volumes and rates, net retail sales and fuel surcharges.
Operating expenses in the company’s first quarter increased by $18.5 million, to $260.6 million, up 8 per cent from the same period in the prior year. The increase is mainly due to the increased number of round trips with corresponding higher labour costs and fuel consumption, as well as higher wage rates, maintenance expenses and depreciation.
BC Ferries’ full financial statements, including notes, and Management’s Discussion and Analysis are filed on SEDAR and will be available at www.sedar.com.
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