Eurotunnel sales sink 9.36pc in 2003

20th January 2004, Comments 0 comments

PARIS, Jan 20 (AFP) - Prospects remain dark for the sinking Channel Tunnel operator Eurotunnel, which posted Tuesday a drop of 9.36 percent in sales last year owing to a poor cross-channel market.

PARIS, Jan 20 (AFP) - Prospects remain dark for the sinking Channel Tunnel operator Eurotunnel, which posted Tuesday a drop of 9.36 percent in sales last year owing to a poor cross-channel market.

The company that runs the under-sea tunnel between Britain and France recorded sales of EUR 813 million (USD 1.016 billion), down from EUR 897 million in 2002.

At constant exchange rates, the drop amounted to five percent, a company statement said.

Although financial director Roger Burge said he expected "a slight return of growth" this year, the figures indicated little light at the end of the tunnel.

Chairman Richard Shirrefs said: "2003 has been a tough year for the transport industry. Cross-Channel market conditions were poor with intense price competition having a significant impact on all operators."

Small shareholders have been clamoring for months for a change in managment at Eurotunnel which has warned that a big debt refinancing would be needed in coming years.

The group said on October 21 that revenue would not be enough to help pay off the massive debt the company piled up building the tunnel, Britain's first land link to the rest of Europe.

© AFP

                                Subject: France news

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