B.C. Ferries boss Mike Corrigan recently proclaimed a “modest profit” of $15.5 million for the 2013 fiscal year. He indicated that aggressive cost containment helped post these numbers.
Revenues came mainly from fares, which increased by 4.1 per cent in April 2012 and by the same amount in April 2013. Similar fare increases are planned over the next two years, despite passenger counts being down 1.2 per cent from the previous year. People seem to be rejecting this continual increasing of fares, so B.C. Ferries is once again dependant on B.C. taxpayers for its modest profits.
The province supported the ferry system this past year with payments totalling $237 million. If I had a debt of $10,000 and someone gave me a cheque for $15,000, wouldn’t I also show a modest profit?
The province needs to get on with its core review program, especially for B.C. Ferries, as financial stability is sadly warranted for this out-of-control corporation.