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Post by ferryfast admin on Feb 27, 2012 13:36:29 GMT -5
BC Ferries reports $23.1-million loss Traffic decline ‘largest’ in recent years By Evan Duggan, Vancouver Sun
February 27, 2012 7:27 AM
www.vancouversun.com/business/Ferries+reports+million+loss/6215622/story.html#ixzz1nbnp4Ry4
BC Ferries has reported a $23.1-million net loss in the third quarter of fiscal 2011-12.
The deficit for the period ending Dec. 31, 2011 was nearly double the $12.5-million net loss reported in the same quarter last year.
Net earnings for the nine-month period ending Dec. 31, 2011, were $28.7 million, down from $42.8 million for the same period the previous year.
While BC Ferries has been losing money, it has also been losing passengers.
In the third quarter of fiscal 2011-12, vehicle traffic dropped by 3.6 per cent compared to the same period the year before, while the number of passengers fell by three per cent.
“The traffic decline has been relatively consistent throughout all three quarters of fiscal 2012 and is the largest year-over-year traffic decline that BC Ferries has experienced in recent years,” said a BC Ferries’ news release announcing the third-quarter results.
Of the $23.1-million loss, about $5.1 million came from operating losses, while nearly $18 million was due to interest expenses.
BC Ferries operates year-round with 35 vessels on 25 routes from 47 terminals, making it one of the world’s largest ferry operators by total passengers carried.
eduggan@vancouversun.com ____________________
BC Ferries www.bcferries.com/
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