Eurotunnel makes first profit since opening in 1994
Tuesday, 08 Apr 2008 12:16
Eurotunnel makes first profit since opening
Eurotunnel has posted its first annual profit of €1 million (£0.8 million) after reaching an agreement with creditors.
The company that runs the tunnel between England and France has struggled with debts since operations began in 1994.
Last year, the Paris-based company reported a €204 million (£162.7 million) loss in 2006. But a restructuring programme that saved the company from bankruptcy has allowed it to post its first profit since it opened.
In 2007, revenues increased by six per cent to €775 million (£618 million), while shuttle revenues increased by eight per cent to €500 million (£399 million).
Jacques Gounon, chairman and chief executive of Groupe Eurotunnel, said: "2007 shows that the new Groupe Eurotunnel is nothing like the old.
"The results are due to remarkable levels of performance and to strict management of operating costs. They also benefit from the massive reduction in debt achieved through the financial restructuring.
"These results and the future value represented by the Channel Tunnel Concession enable us to look forward to 2008 with confidence and determination."
The company also revealed first quarter revenues have jumped 15 per cent to €187.6 million (£149.6 million), as a high-speed link in southern England cut travel time to the continent.