4 — Friday, July 2, 1999 — North Shore News

Dr Csilla Gyoral
DENTIST

ANNOUNCES NEW Pe
[MO |TUET WE [ TH [FR |
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New patients are welcome

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ICBC HAS A TEAM OF LAWYERS,
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be used against you.

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102-145 West 15th St. North Van
. 983-4311
# www.taylorandbiair.com

Graham Taylor FREE CONSULTATION Kevin Blair

code during a training exercise last Saturday on Cypress Mountain. The annual event tests the emerge:

NEWS photo Paut McGrath

Frequency flyers

NORTH Shore Amateur Radio Club members Doug Docherty (left) and John Nightingale communicate using Morse

rgency pre-

paredness of clubs across North America. The club’s performance has rated among the top five in recent years.

“Better calls in
more places’

20%
/month

Includes.
° 166 minutes

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Pacili

Cats ride an

ocean of red ink

Kevin Gillies
News Reporter

B.C.’S fast ferries program will not
make money and BC Ferries is

floundering in red ink, according to

its latest annual report, released
Tuesday.

The report shows the Crown corporation
had a net loss of $114 million for the fiscal year
of 1998- 99, including a $48 million “write
down” for the fast ferries project.

The write down means government
accountants expect the three PacifiCats to cach

carn $16 million less than their construction

and opcration costs.
BC Ferries spokesman Clay Suddaby said

“The coriservative estimate of the cash flow for ;

each ship is $120 million,” he said.”

aged out on a per-ship basis, cost $136 million
each.

“That's why we take the write down of $48 -

milion,” Suddaby said.

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He said that the cost of cach ship —- not
including worker training, administration and
other costs outside of the construction process
— was actuaily $110 million.

On top of the fast ferry program’s losses,
BC Ferries recorded operating losses of $66
million — $7 million more than the previous
year’s operating loss of $59 milion.

BC Ferries’ debt was reported as $206 mit-
lion higher than the corporation's value.

The report says operating expenses actually
increased by $18.3 million but were offset by
cheaper fuel and increased revenue.

The i increase has been atrributed to higher
wages, repairs and maintenance and the higher

‘cost of materials. -. !

The minister responsible for BC Ferries,

“Gordon Wilson, said he is contideint a respon-
‘sible fiscal plan will be developed... .

“I have asked" for this work to, ‘be availabic

The entire fast ferry program, when aver-.. iby the: fall for. review by government,” he said

in a release.
“T expect that a component of this plan will

be a reduction in vverhead ccs*s-to ensure a.
fean, efficient organization.” 7 ot

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