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BC Ferries records $100M profit last quarter despite COVID-19, ridership downturn

Last Updated Feb 22, 2021 at 3:44 pm PST

FILE - The Queen of Alberni. (Courtesy BC Ferries)
Summary

BC Ferries applied half of its $300-million restart funding into its coffers for last three months of 2020

Company saw $100 million in profit last quarter, largely due to federal and provincial support

BC Ferries says without federal and provincial restart funding, it would have taken a $56 million hit last quarter

VANCOUVER (NEWS 1130) – New stats from BC Ferries shows the company, rather than sinking in a sea of red ink, is floating on-high thanks to federal and provincial cash.

BC Ferries is reporting nearly $100 million in profits for the last three months of 2020, despite passenger volumes down around 40 per cent, and vehicle traffic down over 20 per cent during the same period.

This is because the company has applied half of its $300-million federal and provincial restart funding into its coffers for its third quarter.

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Otherwise, it says it would have taken a roughly $56 million hit due to the lack of travel.

In August, 2020, BC Ferries made masks mandatory on ships and in terminals.