Troubled unreliable state-subsidised ferry operator still making millions for shareholders

@bcferries.com

From Business Examiner yesterday:

VICTORIA – BC Ferriesnet earnings for the three months ended September 30, 2023, were $102.1 million, an increase of $21.7 million over the same quarter the previous year. For the six months ended September 30, 2023, net earnings were $117.3 million compared to net earnings of $88.3 million in the prior year.

Revenue for the three months ended September 30, 2023, at $381.5 million, was up $38.4 million or 11 per cent over the same period in the prior year primarily as a result of an increase in vehicle and passenger traffic levels, tariff rates, fuel surcharges and retail revenue. Year-to-date, revenue was $668.4 million, up $60.4 million or 10 per cent over the same period in the prior year impacted by factors such as changes in overall traffic levels, traffic types and tariff rates.

https://businessexaminer.ca/victoria-articles/item/bc-ferry-second-quarter-results-reflect-continued-strong-traffic/

When compared with CalMac, Canadian BC Ferries charges far higher fares due to lower state-subsidies, has older vessels, regular industrial disputes over wages and conditions and does not have to publish daily reliability data.

CalMac was at 97.9% of 466 sailings on time yesterday and 95.4% for the season.

CalMac is state-owned and does not need to pay dividends to private owners.

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