Eurotunnel profits hit by fire and snow
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Fire, snow and recession have dented
profits at Eurotunnel.
The Channel Tunnel operator today (9)
reported a slump in net profit to £1.26m in 2009, down from £30m
the previous year.
Eurotunnel's financial performance was
affected by the aftermath of the devastating Chunnel fire in
September 2008 which partially closed the tunnel until February 9
last year.
Services were also cancelled during
the Big Freeze in December.The Anglo-French business said that the
truck market had fallen by a fifth compared to 2007.
Profit would have been higher but for
claims by Eurostar, the high-speed operator, and SNCF, French
Railways, with Eurotunnel's insurers regarding the partial tunnel
closure.
The legal dispute has delayed
insurance payments to Eurotunnel which has had to put aside £62m
until a ruling is made.
It said Eurotunnel was taking "all
appropriate measures" to ensure it receives full compensation for
losses to which it is entitled under the insurance policies.
Tuesday, March 09 2010
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