Insurance from the sinking of the Queen of the North helped improve BC Ferries' 2006 bottom line.
Profit for one of the world's largest ferry fleets jumped to $110 million in 2006 compared with $49.9 million in 2005.
Insurance proceeds accounted for about $61.3 million of last year's net earnings; the remaining $48.8 million was net operating profit.
Revenue from higher passenger and vehicle fees and a 4% increase in retail revenue from the corporation's expanded facilities at its terminals and aboard its ships rose to $596.3 million compared with $579.2 million in 2005.
The ferry corporation continued modernizing its fleet and facilities, spending $225.6 million last year. About $11.6 million was spent on terminal and building upgrades; $38 million on berth upgrades at Horseshoe Bay, Departure Bay and Swartz Bay; and $206 million for new vessels and upgrades to existing ships.
The ferry corporation expects to have seven new vessels added to its fleet by summer 2009. It plans to add a total of 26 new ferries over the next 15 years.