VIA's financial report for 2Q 2013

[CHamilton]

Second-quarter ridership up, revenue down for VIA Rail

VIA Rail Canada Inc. reported a 4 percent increase in passenger miles and a 0.7 percent increase in ridership during the second quarter.

The train occupancy rate rose to 54 percent, up from 51 percent a year ago, VIA officials said in a press release.

However, total revenue fell to $66.2 million (in Canadian dollars), down from $68.1 million a year ago, while net income dipped to $9.6 million from $11.9 million. The railroad also posted a 3.8 percent decrease in passenger revenue.

Operating expenses jumped 13 percent, excluding employee benefits. The increase was due primarily to higher depreciation costs related to the completion of major elements of a capital investment program. The increase was offset largely by the amortization of deferred capital spending.

Government funding during the quarter rose $8 million due to employer contributions to pension plans.

VIA Rail continued its efforts to develop a "train culture" in Canada during the quarter, said President and Chief Executive Officer Marc Laliberté.

Original press release

 

[yarrow]

don't know much about it but unfortunately sounds like harper and the privatization crowd could use the figures to advance their position

 

[Nathanael]

Expenses up, revenues down: reaping the results of the last round of thoughtless chopping.

Laliberte is a terrible liar. Canada already had a "train culture", as evidenced by all the people in Sarnia, London, and St. Catherines who came out to protest the last round of cuts to VIA.