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Court helps Eurotunnel cut losses
Page 7
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CHANNEL TUNNEL operator Eurotunnel enjoyed a rare piece of good news last week, when it announced a significant drop in half-year losses Net losses for the six months to the end of June were €32m (Ulm), compared with €105m (f71m) in the same period last year.
One of the reasons for the smaller loss was that Eurotunnel was allowed to pay less interest on its debt under a ruling by the Paris Commercial Court.
Eurotunnel spent €181m (1122m) servicing its debt in the first six months of 2007, compared with €245m (£170m) in 2006.
The company has struggled with the huge debts incurred by the building of the tunnel ever since it opened in 1994.
A continuing cut in the interest rate on the debt was secured as part of a restructuring deal agreed at the end of June; the company is optimistic that its full-year results will improve further, Eurot unnel's shuttle service recorded a 9% increase in trucks in the first half of 2007 compared with 2006.
Chief executive and chairman Jacques Goun on says the company's performance was even more gratifying because of the ending of the Minimum Usage Charge (MUC); this is paid by the railway companies that use the tunnel.
Gounon adds: To fully appreciate our performance it is important to take into account the loss of the MUC. which represented, in the first half of 2006.14% of total revenue. All other things being equal, our revenue has increased by 7%."