Via Rail reports lower second-quarter net income, revenue from a year ago

MONTREAL – Via Rail saw its second-quarter net income slip as revenue declined and operating expenses rose.

The arms-length Crown corporation reported a profit of $9.6 million, down from $11.9 million a year ago.

Revenue for the quarter was $66.2 million, compared to $68.1 million during the same period last year. Total passenger revenues were $61.1 million, down from $63.5 million a year ago.

Meanwhile, operating expenses grew to $154 million from $141.8 million previously, primarily due to higher depreciation costs related to its capital investment program.

The number of miles travelled by all passengers grew by four per cent to 208 million from 200 million. But that was offset by higher operations funding, which went up to 38.4 cents per passenger mile, compared to 36 cents during the same quarter last year.

Via operates intercity, regional and transcontinental trains over a 12,500-kilometre route network across Canada.