SERVICES

Eurotunnel profits triple to a record 100m euros

Paris - Eurotunnel, which operates the undersea tunnel between France and England, tripled profits last year on the back of record passenger numbers. Net profit totalled 101m euros (£84.6m) from 32m euros in 2012. Sales topped 1bn euros for the first time with 10 million passengers

Paris - Eurotunnel, which operates the undersea tunnel between France and England, tripled profits last year on the back of record passenger numbers. Net profit totalled 101m euros (£84.6m) from 32m euros in 2012. Sales topped 1bn euros for the first time with 10 million passengers making the 31 mile journey under the Channel.

The company set a 500m euros earnings target for 2015 when it expects to pay tax on its profits for the first time. In its 20 year history Eurotunnel has been laden with debt, placed in bankruptcy protection and restructured, before making its first profit in 2007.

Chief executive Jacques Gounon said: “For the first time in the history of Eurotunnel, we think that the situation of the group is altogether satisfactory.” The company will increase its dividend by a quarter to 15 euro cents a share. The only part of the group to report a loss was the MyFerryLink, which provides ferry services across the Channel between France and England. It made an operating loss of 22m euros.

Source: BBC News

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