Eurotunnel Reports First Annual Profit

Eurotunnel owners Groupe Eurotunnel SA has reported its first annual profit since restructuring its debts last year.

The company has reported a net income of €1m in 2007, a stark contrast to €204m of losses in 2006.

The figures for last year exclude a gain of €3.3bn from a restructuring agreement agreed last June, which saved the company from bankruptcy.

In the first quarter of 2008, revenues rose 15 percent to €187.6m, according to the company.

The cost of digging the 30-mile tunnel under the channel in the 1980s was far greater than was estimated and led to massive debts.

By staff writer