Eurotunnel halves massive losses

PARIS, April 26 (AFP) – Eurotunnel, which operates the rail service linking France and Britain beneath the English Channel, posted Tuesday a loss of EUR 810 million (USD 1.05 billion) for 2004, less than half the previous year’s loss of EUR 1.9 billion.  

The result included an impairment charge of EUR 560 million, following one more than twice as large in 2003.  

Eurotunnel raised its operating profit by one percent to EUR 256 million, on a four percent drop in sales to EUR 789 million, the group said in a statement.  

“The 2004 results are bad, in the bad trend of years past,” group president Jacques Gounon told AFP. He described the situation as “very difficult”.  

The troubled company’s net result included EUR 69 million in exceptional charges that stemmed from restructuring and refinancing costs, and provisions to fund a recovery plan.  

As of December 31, Eurotunnel’s debt stood at EUR 9 billion.