Caledonian Maritime Assets (CMAL), owner of Caledonian MacBrayne’s fleet of ferries and ports, upped revenues by nearly £4 million to £19.3m thanks to a rise in the charges it got renting out its ships – but made a pre-tax loss of £4.8m last year, mainly due to devaluation of its vessels and harbour assets.
According to its annual report for the year to March, the firm – owned by the Scottish Government – also saw its losses increased by higher loan costs, as well as interest payments on a final salary pension deficit.
Vessel charter fees paid by ferry operator CalMac, which is also government-owned, rose by more than £3m. But interest payable on loans from the government rose by more than £500,000 to £2.5m.
Chief executive Guy Platten, who has been running the firm since its formation, was paid £100,000 after all executive bonuses were frozen in the year.
CalMac was split into different companies in 2006, with all its vessels and terminals passed to CMAL. The group currently owns 30 ferries and is the Harbour Authority at 24 ports, including Kennacraig and Largs.