BC Ferries announced its fiscal year-end earnings Friday, posting a $52.2-million profit in 2019.
That's down from the $59.9 million the ferry service earned in fiscal 2018, despite recording its highest-ever volume of vehicle traffic and second-highest volume of passenger traffic this year.
The company says the profits will be re-invested into improving the ferry service.
"High traffic volumes allow good financial results which enable us to expand our service to communities, renew the fleet, upgrade terminals, pay down debt and reduce future borrowing,” said BC Ferries president and CEO Mark Collins in a news release Friday.
“These are essential for a sustainable and environmentally friendly ferry system."
Collins went on to say the company's 12-year capital plan will address a need for a more resilient ferry service and emphasizes capacity, operational efficiency, affordability and flexibility.
In the 12 months ending on March 31, 2019, the ferry service says it invested $241 million in capital spending, including $133.5 million for vessel upgrades and modifications; $49 million for new vessels; $28.2 million for information technology; $19.5 million for building upgrades; and $10.9 million in terminal marine structures.
Vehicle traffic increased by 1.9 per cent over 2018, while passenger traffic increased by 1.2 per cent.
To accommodate the higher volumes, BC Ferries says it provided 877 additional round trips over the previous year and 3,281 more round trips than what was required under the service's Coastal Ferry Services Contract.
