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Europe

Channel tunnel operator Eurotunnel triples profits

media Channel tunnel at Folkestone, England Photo: Dickbauch

Eurotunnel, which operates the undersea tunnel between France and England, reported on Thursday that it tripled its net profit last year.

And for the first time, the company, which has been through some bad times since it began operations 20 years ago this year, set targets for gross operating profit, giving estimates for this year and next.

Net profit last year totalled 101 million euros, up from 32 million euros in 2012.

Chief executive Jacques Gounon told journalists: "For the first time in the history of Eurotunnel, we think that the situation of the group is altogether satisfactory."

The latest net figure was boosted by a delayed tax factor of 81 million euros. So far Eurotunnel has never paid any profits tax.

Gross operating profit, a key measure of sales revenue relative to operating costs, fell by 2.0 percent to 449 million euros.

The sales figure, published previously, exceeded 1.0 billion euros for the first time, totalling 1.09 billion euros.

Gounon said in a statement: "In 2013, the Eurotunnel Group recorded another record year despite the highly competitive environment.

Gounon said that the company had increased business in its main activity of running high-speed trains to carry freight and passengers, through the tunnel.

For the first time, the company had transported more than 10 million passengers in the year.

 

 

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