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Eurotunnel loss worsens
Eurotunnel has increased its losses by nearly five fold for the first half of the year.
The cross-channel transport group reported a net loss of £82 million for the first half of 2004, compared to a loss of £17 million for the same period last year.
In a joint statement with chief executive, Jean Louis Raymond, Eurotunnel chairman Jacques Maillot said: “As our shareholders had feared, Eurotunnel’s financial situation is worrying.”
According to Eurotunnel, competition from no-frills carriers was responsible for shrinking the cross-channel coach market by 4% for the first six months of 2004. Eurotunnel’s volumes fell by 14% during the period and market share fell four points to 33%.
By contrast, Eurostar (which is not managed by Eurotunnel, but uses the Channel Tunnel) posted positive results. Passenger numbers increased by 20% to 3.4 million for the first six months of 2004.
The company has called for urgent talks with its public and private partners and says it hopes to turn around its fortunes by restructuring tariffs and redefining its commercial strategy. In April, Eurotunnel appointed a new board, replacing all six directors in a bid to improve performance.
At 10.30am shares in Eurotunnel had fallen over 12% to 19.75 pence.
Report by Ginny McGrath
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