BC Ferries reports $16.5 million net loss after vehicle traffic hits 13 year low

VICTORIA – BC Ferries says vehicle traffic on its ships is the lowest in 13 years, while passenger traffic has plunged to a 21-year low.

As a result, the company is reporting a net loss of $16.5 million for the fiscal year that ended on March 31.

Last year, BC Ferries reported net earnings of almost $4 million.

Vehicle traffic dropped 3.5 per cent during the fiscal year while the number of passengers fell 2.8 per cent.

Revenues dipped by one million dollars to $738 million, but operating expenses jumped by $10 million to $682 million, mostly because of higher fuel and amortization costs.

Last month, the B.C. Liberal government passed the Coastal Ferry Act, which approves almost $80 million to help offset fare increases, but sets the stage for major changes that will include cuts in ferry service.