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Eurotunnel net loss drops in 2007 first half

Eurotunnel net loss drops in 2007 first half

Channel tunnel operator Groupe Eurotunnel SA said Thursday its net loss for the first half of 2007 shrank to euro32 million (US$44 million) from euro105 million a year earlier, helped by lower financial charges.
The company said the net cost of financing and debt service amounted to euro181 million (US$247 million) for the first half of 2007 compared with euro245 million over the same period a year earlier.
Operating profit for the first half of 2007 fell to euro128 million (US$175 million) from euro139 million. The company did not report quarterly earnings.
As of June 30, the company's net debt stood at euro9.62 billion (US$13.1 billion) compared with euro9.39 billion at the end of 2006.
Eurotunnel's troubles date back to the project's launch in the late 1980s. The cost of digging the 50-kilometer (30-mile) tunnel was underestimated, and traffic has consistently fallen short of forecasts since its 1994 opening.


Updated : 2021-04-12 10:20 GMT+08:00