MONTREAL — Monetary authorities assist helped to cushion the blow for By way of Rail created by an 81 per cent drop in passenger revenues within the first quarter.
The passenger rail service says it misplaced $2.2 million for the three months ended March 31, in contrast with a $23.6-million loss a yr earlier. The working loss was $121.1 million, down from $151.7 million.
Passenger revenues fell to $8.8 million from $46.1 million because the variety of passengers dwindled amid COVID-19 lockdowns to 127,000 from 643,000 within the first quarter of 2020 earlier than the pandemic took maintain.
By way of Rail reduce working bills by 34.1 per cent to $133.6 million partly via non permanent worker layoffs.
The federal authorities contributed $143.1 million, down 10.7 per cent from $160.3 million within the prior yr’s quarter.
This included $96.2 million in working funds and $46.9 million in capital funding, in contrast with $104.8 million and $55.5 million, respectively, a yr earlier.
“Transportation choices have been severely impacted by the pandemic, however I wish to reiterate our dedication to resuming all routes throughout the nation as soon as situations allow us to take action,” acknowledged CEO Cynthia Garneau.
This report by The Canadian Press was first printed Might 31, 2021.
The Canadian Press