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‘Final nail in the coffin’ of 2020 cruise ship season in Victoria due to COVID-19 – CHEK

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4 years ago

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Victoria’s cruise ship season has come to an end following an announcement from Ottawa Friday.
“Cruise ships with overnight accommodations and a capacity of more than 100 persons, that includes passengers and crew, will be prohibited from operating in Canadian waters until at least October the 31st,” said federal Minister of Transport Marc Garneau.
Around $130 million dollars is now gone from Victoria’s economy, and around 800 jobs are also lost as a result.
READ MORE: Cruise ships carrying 100 or more passengers banned in Canada until October
Greater Victoria’s Harbour Authority agrees with the decision following concerns about COVID-19, but says the news is still devastating.
They are also asking for assistance to keep Victoria’s tourism industry going.
“It puts the final nail in the coffin for the 2020 cruise season,” said Harbour Authority CEO Ian Robinson.
“It’s very difficult to absorb. We were looking forward to having another record cruise season. There were well over 300 ships calls bringing in over 770,000 passengers. It was going to be another record year. Cruise is extremely important economically.”
The harbour authority relies on the season for 70 per cent of their revenues. They’ve been forced to lay off almost 50 per cent of their staff but say they will be able to make it through the crisis. But residents could be impacted in more ways than just less business.
“We will get through this as an organization, but there could be some impacts to residents around the properties we are responsible for stewarding,” said Robinson.
But their biggest worry is about small and medium businesses
Fisherman’s Wharf is one of the bustling spots when ships visit. Summer is what keeps many of the shops going through the tough winter season.
“It’s a big hit,” said Jackson Avio, owner of Jackson’s Ice Cream.
“Maybe half of our business comes from cruise ships, in our busiest months July and August. I feel bad for the students that I would normally hire. We are just going to do it with a skeleton staff.”
Victoria’s Barb’s Fish & Chips has been a staple for 35 years. They say the ships only make up to around 15 per cent of their business, but with few other ways for visitors to come this summer, they are expecting it to be tough.
“I think survival is the name of the game is 2020. Ultimately recovery will be years,” said owner Ian Poyntz.
Locals will be critical to keeping the shops going.
The harbour authority is calling on both the federal and provincial governments to help keep Victoria’s tourism economy afloat.
“Quite frankly I don’t think its enough I think governments at all levels,” said Robinson.
“We have to focus in on what type of financial support can be available to those small and medium-sized tourism operators so they can get through the fall and winter, so they are here next year for when tourism and cruise returns.”

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Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

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13 hours ago

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November 6, 2024

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TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

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2 days ago

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November 5, 2024

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TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

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2 days ago

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November 5, 2024

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ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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