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Rail News: Financials

VIA Rail reports higher revenue, lower costs in Q2


VIA Rail Canada Inc. recently reported revenue increased 4 percent to $69.1 million (in Canadian dollars) in the second quarter compared with the same 2010 period.

Year-to-date revenue rose 5 percent to $131 million, with revenue growth reported for both intercity passenger services in the Quebec City-Windsor Corridor and for long distance services between Toronto and Vancouver, according to VIA Rail.

Quarterly operating expenses before pension costs and corporate taxes were “slightly lower” vs. a year ago, VIA Rail officials said in a prepared statement. As a result, the agency reduced its operating deficit before government funding and corporate taxes by close to $2 million for the quarter and by $5 million when including the first quarter, they said.

“Our focus on eliminating waste, increasing productivity and continuing costs delivered good results,” VIA President and Chief Executive Officer Marc Laliberté said. “At the same time, we continued to enhance the quality of service we deliver, building better connections with customers, other passenger services and the communities we serve.”

Meanwhile, on-time performance improved from 81 percent to 85 percent during the quarter. VIA Rail launched efforts to improve operational efficiency, which boosted on-time performance, agency officials said. VIA Rail also recently implemented new partnerships with other service providers, including GO Transit in the greater Toronto area.

Although ridership numbers were “slightly down” during the quarter compared with second-quarter 2010, year-to-date passenger miles climbed 1 percent, agency officials said.

Contact Progressive Railroading editorial staff.

More News from 8/30/2011