Eurotunnel reports first interim profit

Source: Supply Chain Digital

Date :18/07/2008 10:28:33

Groupe Eurotunnel SA said first half profit surged as traffic increased on passenger trains and its vehicle-carrying shuttle service.

The second phase of the high speed line between London and Folkestone and the opening of the Eurostar terminal at St Pancras meant passenger numbers for Eurostar surged 18 percent to 4.6 million.

Net income rose to €26 million, against the €32 million loss reported in the same period last year.

This excluded a €3.32 billion one- time gain from the company's debt rescue.

The debt restructuring had reduced Eurotunnel’s debt from €9.18 billion at the end of 2006 to €5.85 billion at the end of 2007.

Euro-travel

Eurotunnel chairman Jacques Gounon said: "With a significant growth in net profit, Groupe Eurotunnel is ahead of its forecasts and enters the second half of 2008 in a position of strength."

Revenue for the six months to the end of June rose 3.5 percent to €386 million from €373 million.

Eurotunnel's shuttle-service revenue, which accounts for about two-thirds of its business, rose 10 percent to €246 million.

Revenue from rail operators including Eurostar Group rose 13 percent to €133 million.

London-based Eurostar runs passenger trains through the tunnel between London and continental European destinations.