A significant increase in passenger and vehicle traffic in the third quarter of last year for B.C. Ferries translated into a $1.6 million loss for the three-month period that ended Dec. 31.
Despite the small drop of red ink, B.C. Ferries chief executive Mark Collins said things are starting to trend in the right direction for the corporation.
“This quarter’s numbers are encouraging given the pandemic’s ongoing impacts on travel and the uncertainty it added through the holiday season,” he said. “While COVID-19 continues to present staffing and operational challenges I want to take this moment to recognize the continued commitment of our employees in delivering safe and efficient service to our customers.”
Over the course of the third quarter, B.C. Ferries carried two million vehicles and 4.1 million passengers, an increase of 26 per cent and 43 per cent, respectively, compared to the same period in 2020.
Year-to-date, the company carried 6.7 million vehicles, an increase of 26 per cent, and 14.2 million passengers, an increase of 34 per cent, compared to the same period in the prior year.
The latest figures mean B.C. Ferries’ numbers are starting to return to pre-COVID levels.
Vehicle traffic in the third quarter of 2021 was just two per cent below levels in the same quarter in 2019, while passenger traffic was down 14 per cent over that same period.
B.C. Ferries’ $1.6 million net loss for the third quarter was a big drop from the $98.5 million in profit it posted in the same period in 2020, but the numbers reflect an injection of Safe Restart Funding.
That federal program provided $19 billion to help restart the economy and included money for some essential services and public transportation.
In December 2020, B.C. Ferries received $308 million through the Safe Restart Program. The money was earmarked for mitigating the impact of revenue losses and COVID-19- related spending, to help restore the level of annual earnings required to maintain service levels, and to keep fare increases affordable through March 2024.
B.C. Ferries reported revenue of $222.2 million in the third quarter, a drop of $89.7 million compared to the same period last year, but that figure also reflects the drop in federal restart funding.
Through the first nine months of fiscal 2021, B.C. Ferries posted an $83 million profit, up from the $74.3 million posted through the same period in 2020.
