News Line

Eurotunnel plunges into the red

July 19, 2010

Despite a sharp rise in turnover (+22% to EUR 144.4 million), Eurotunnel reported a net loss of 44.8 million euros in the first half against – 8 million euros over the same period in 2009.

Asked on BFM radio on Monday morning, Jacques Gounon, Eurotunnel's chief executive, played down that figure. "The dispute we have with Eurostar on the fire of September 11, 2008 block the mechanism of compensation payments made by insurers for bad credit payday loans. Eurostar is a casualty claims and benefits owed to us, "he says.Eurotunnel has reached 147 million euros in compensation in 2009 and 16 million euros this year, half of what the group calls, according to Jacques Gounon.

"If we do not touch the other half, we will post a loss this year," he says, without this calling into question for the moment the dividend.

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