Friday, August 29, 2008



British Columbia Ferry Services Inc. (BC Ferries) announced its first quarter results today. Net earnings were $8.4 million for the three months ended June 30, 2008 compared to $14.4 million during the first quarter in the previous year.

In the first quarter ended June 30, 2008, revenues increased 7.6 per cent to
$171.9 million with total expenses increasing 12.4 per cent to $163.5 million, compared to the first quarter last year. The increase in expenses was largely due to a $10.4 million increase in fuel expenses, as well as a $7.9 million increase in interest and amortization expenses reflecting BC Ferries’ ongoing significant investments in its fleet and other infrastructure.

During the quarter, BC Ferries invested $190.0 million in its capital assets. Capital expenditures included $171.8 million in new vessels, vessel upgrades and modifications; $8.3 million in marine structures; $7.5 million in terminal and building upgrades and equipment; and $2.4 million in computer hardware and software development.

“We are continuing our fleet renewal program with more than $145 million invested in new ships during the quarter,” said BC Ferries President and CEO, David L. Hahn. “In addition to ongoing construction on the Island Sky and Northern Expedition, the Coastal Inspiration entered service on the Duke Point – Tsawwassen run and the Coastal Celebration arrived in B.C. These are major milestones for BC Ferries and a significant component of our commitment to provide an outstanding travel experience for our customers.”

Although there has been some moderation recently in the price of fuel, BC Ferries continues to be concerned about the impact of fuel costs on customers’ travel decisions. The combination of the high price of motor vehicle fuel and recently implemented fuel surcharges could result in a decline in travel in the future. The company is implementing various measures to reduce its costs over the remainder of the fiscal year.

Full financial statements, including notes and Management’s Discussion & Analysis, are filed on SEDAR and will be available at

Editor's Comments: Are the new C Class ferries any more fuel hungry than the old fleet? Is the fuel consumed per passenger any different between the two types of vessels?



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