Pandemic sinks BC Ferries revenues

BC Ferries says the COVID-19 pandemic resulted in first quarter losses of $62 million, compared with net earnings of $12.2 million in the same period last year.

The losses are from three months ending June 30.

It says revenue was down $109 million as special measures were brought in to prevent the spread of COVID-19, although that was partly offset by a reduction in operating expenses of $36.7 million.

A statement from BC Ferries says ferry traffic dropped 75 to 80 per cent across the system in a matter of days at the outset of the pandemic.

The province announced earlier this month that BC Ferries would be included in a $1.08-billion fund provided by the federal and provincial governments to deal with the impact of the pandemic.

BC Ferries president Mark Collins says its prudent decisions to remove costs helped safeguard the service for the long term, while it still provided essential services to customers and communities.