CalMac Ferries Ltd made a reduced profit of £1.28 million in the 2013-14 financial year - although the subsidy given to the company by the Scottish Government went up by more than 20 per cent.
The company, which operates Bute’s two ferry routes along with the rest of the Clyde and Hebrides Ferry Service (CHFS) contract up and down the west coast, saw turnover increase from £135.3 million in 2012-13 to £151.3 million in 2013-14.
The net profit of £1.282 million in 2013-14 compared to a figure of £1.477 million the previous year.
The subsidy received from the Scottish Government rose from £73.357m in 2012-13 to £90.436m last year, although the amount returned to the government in efficiency savings also rose substantially, from £194,000 to £1.92 million.
The annual report and financial statements for both CalMac Ferries Ltd (CFL) and the company’s parent, the David MacBrayne Group Ltd (DML) - the latter comprising CFL and Argyll Ferries Ltd, operators of the Dunoon-Gourock passenger service - were published on Friday.
Revenue across the DML Group fell slightly, from £157.1m in 2012-13 to £154m in 2013-14, while the total Scottish Government grant increased from £87.1m to £93.6m.
The group paid £8.1m to Scottish ministers during the year - £2.1m in ‘clawback’ payments as a result of efficiency savings, plus a divident of £6 million.
DML chairman David McGibbon said: “In a year that has seen us introduce the world’s first hybrid diesel electric ferry we are committed to continuing to explore innovative ways of improving our services. This includes a commitment to introducing wireless broadband services to all our vessels and ports and to make our ticketing services flexible and customer friendly.
“We are proud to be part of the communities we serve and will continue to use our experience and local knowledge to help us shape our services to meet the lifeline needs of the people we serve.”