BC Ferries has released its year-end results with consolidated net earnings of $59.9 million for fiscal 2018. This year, BC Ferries experienced the highest passenger traffic levels in 20 years and the highest levels of vehicle traffic ever.
The average cost of vehicle travel on the Major Routes dropped year-over-year due to promotional discounts and the reduction in reservation fees. At the start of fiscal 2019 (April 1, 2018), the fares on most routes were reduced by 15 per cent. The BC seniors’ passenger discount was increased from 50 per cent to 100 per cent for travel Monday to Thursday. However, last week, BC Ferries announced the company will remove the fuel rebates currently in place on June 27.
Revenues for fiscal 2018 increased $39.7 million, primarily due to higher traffic levels and retail sales. Total operating expenses increased $56.5 million. Net earnings decreased as costs grew faster than revenues.