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Debt costs push Eurotunnel to a loss


Debt costs push Eurotunnel to a loss


Eurotunnel slipped back into the red in last year. Its 57 million euro loss came as the cost of servicing its debt rose by more than a quarter.

It is also still waiting for insurance payouts from a fire in the Channel Tunnel two years ago. The loss compares with a net profit of seven million euros in 2009.

Eurotunnel is predicting a three percent increase in passenger traffic this year and a four to five percent rise in freight.

“In the short term there appears to be an increase in activity, which is likely to build up gradually according to the different segments,” Eurotunnel said. “In the medium term, the group remains confident in its capacity to generate sustainable growth.”

Eurotunnel said in January that fourth-quarter revenue rose 26 percent despite bad weather that led to fewer cars on its passenger shuttles and a slight dip in traffic on Eurostar trains through the tunnel.

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