VIA Rail Canada publishes its 2013 Second Quarter Financial Report
MONTREAL, Aug. 30, 2013 /CNW Telbec/ - Today, VIA Rail Canada's (viarail.ca) Board of Directors released the Corporation's 2013 second quarter financial report. The Quarterly Report, available online at viarail.ca/en/about-via-rail/our-company/quarterly-reports, shows a 4% increase in passenger-miles (total number of miles travelled by all passengers) and a 0.7% increase in ridership. In addition, the train occupancy rate improved by 3 percentage points, rising from 51% to 54%. The number of passengers on the Québec City - Windsor corridor rose by 2.6% in the second quarter of 2013, compared to the same period in 2012. However, the corporation's results reflect an overall decrease in passenger revenues generated across its network of 3.8% compared to 2012.
Operating Expenses saw a rise of 13%, an increase of $9M, excluding employee benefits. This increase was due primarily to higher depreciation costs related to the completion of major elements of the capital investment program completed last year. This increase was largely offset by the amortization of deferred capital funding.
Government funding for the quarter increased by $8M, due to employer contributions to pension plans. The corporation's operating funding needs were maintained at the same level as in 2012.
"During the second quarter of 2013, we continued our efforts to develop a train culture in Canada. Our promotional strategies have been making the train more and more appealing for travel within Canada, and have stimulated a growth in ridership, especially within the Québec City - Windsor corridor. However, our market remains price sensitive", declared Marc Laliberté, President and CEO of VIA Rail.
About VIA Rail Canada
As Canada's national rail passenger service, VIA Rail Canada's mandate is to provide safe, efficient and economical passenger transportation service, in both official languages of our country. VIA operates intercity, regional and transcontinental trains linking 450 communities across its 12,500-kilometre route network. Recipient of the Railway Association of Canada's Safety Award in 2012 for the 11th time in 12 years, and of the 2013 Agent's Choice Award voted by Canadian travel agents and presented by Baxter Travel Media, VIA safely transports nearly four million passengers annually. Since 2007, the Government of Canada has invested almost a billion dollars in VIA Rail. Follow the progress of our transformation at viarail.ca/transformingvia.
SOURCE VIA Rail Canada Inc.For further information: