Q1 results for the three months ended June 30, 2021
+37% cars compared to Q1, 2020 and -27% compared to Q1, 2019 (pre-Covid)
+40% passengers compared to Q1, 2020 and -46% compared to Q1, 2019 (pre-Covid)
Revenues increased $91.8 million, primarily as a result of the Safe Restart Funding, increases in traffic volumes and net retail sales.
Net earnings were $4.7 million, an increase of $66.7 million compared to a net loss of $62.0 million in the same period in the prior year.
In December 2020, BC Ferries received $308 million through the Safe Restart Program, a federal-provincial initiative intended to help provinces and territories safely restart their economies.
Safe Restart Funding of $60.0 million was applied towards BC Ferries’ operating losses in the three months ended June 30, 2021. Without the Safe Restart Funding of $60.0 million, revenues in this period would have been $169.2 million and net losses would have been $55.3 million.
The company continues to modernize the fleet with four more battery-electric hybrid Island Class vessels and one more LNG-fuelled Salish Class vessel.
Capital expenditures in this quarter totalled $38.7 million and included new vessels, major overhauls and inspections, marine ramp structure upgrades, hardware upgrades and various other projects.