BC Ferries announced its first quarter results on Aug. 24, 2011. The numbers are nothing to smile about. With net losses at $5.5 million for the first three months ending on June 30, 2011 it's a stark contrast to the net earnings of $0.9 million in the first quarter of 2010.
According to CBC News, BC Ferries plans to cut up to 400 sailings a year and lay off staff on its major routes. Click on to watch the video.
BC Ferries reports that first quarter revenues for 2011 decreased by 1.8 percent to $186.7 million. In the first quarter, revenues decreased by 1.8 per cent to $186.7 million, with total expenses increasing 1.5 per cent to $192.2 million, compared to the first quarter of last fiscal year. BC Ferries says the increase in expenses is largely attributed to fuel, an actuarial valuation of employee benefits, as well as amortization expense.
Capital expenditures in the first three months ending June 30, 2011 totaled $25.7 million:
$10.7 million - vessel upgrades and modificationsIn the first quarter of fiscal 2012, BC Ferries experienced a decline of 3.3 per cent in
$6.9 million - terminal marine structures
$4.1 million - terminal and building upgrades and equipment
$4.0 million - information technology
BC Ferries at Esquimalt Graving Dock
Photo from Kenmore Air by Sue Frause