BC Ferries reports higher revenues, ridership, though still short of pre-pandemic levels

A BC Ferries vessel is pictured in this file photo. (CTV News)

BC Ferries is reporting an increase in earnings and traffic numbers last year compared to the year before, however its financials and ridership have not yet recovered to pre-pandemic levels.

The ferry service announced its financial results for the fiscal year ending March 31 on Friday, saying its vessels carried 17.9 million passengers and 8.5 million vehicles last year, an increase of 37 per cent and 26 per cent, respectively, compared to the year prior.

However, those numbers still lag behind traffic volumes recorded in fiscal 2019, BC Ferries said.

The ferry operator posted a $34.1-million increase in net earnings last year, largely due to a $102.3-million injection of pandemic funding from the provincial and federal governments which more than erased the operator's looming $68.2-million deficit.

The ferry service said it does not anticipate needing any further COVID-19 relief funding.

"As we emerge from the pandemic, we are grateful to our employees for their commitment to put safety first, operate in the public interest, and ensure reliable ferry travel," said BC Ferries president and CEO Mark Collins in a statement Friday.

"We are excited to see people travelling with us again and are adding staff to meet the increase in demand for our service," he added.

Higher traffic volumes last year helped increase the ferry service's revenues by 12 per cent year over year. BC Ferries says its fiscal year 2022 revenue was $965.4 million, an increase of $100.1 million over 2021.

Operating expenses grew to $868 million last year, an increase of $88.2 million or 11 per cent compared to the year prior, mainly due to increases in sailing volumes, staffing numbers and fuel and maintenance expenses, BC Ferries said.