BC Ferries says it doubled its net earnings in its first fiscal quarter from last year, making $12.2 million compared to $6 million.
At a public meeting Thursday, the corporation announced its results and said foot and vehicle traffic was the highest it has ever seen.
It also said that 700 round trips were added in the first quarter.
These high earnings come at a good time as BC Ferries says it will need to replace half of its fleet over the next 15 years.
"Net earnings are essential for us to fulfill our commitment to support the growing needs of coastal communities," said Mark Collins, BC Ferries’ president and CEO in a news release.
"With the public interest in mind, we reinvest all earnings back into the ferry system. This is evidenced by our $26 million of investments this quarter which is more than our $12.2 million of net earnings. This enables expanded service to communities, larger ships, upgraded terminals, debt reduction and financial sustainability."
At the start of the year, BC Ferries and the province reduced fares on minor and northern routes by 15 per cent. There are no fare increases expected in this fiscal year.
"Focusing on cost improvements in fuel, maintenance, labour and increasing diversified revenues are ways we reduce upward pressure on fares," Collins said.
From the start of April until the end of June, BC Ferries said it delivered over 45,000 sailings, which averages to 497 sailings per day.
