Advertising

The Seattle Times Company

NWjobs | NWautos | NWhomes | NWsource | Free Classifieds | seattletimes.com

Business / Technology


Our network sites seattletimes.com | Advanced

Originally published Tuesday, March 9, 2010 at 1:14 AM

Comments (0)     E-mail E-mail article      Print Print      Share Share

Eurotunnel net profit slumps in 2009

Eurotunnel SA, the operator of the English Channel tunnel, on Tuesday blamed a fire in the undersea route between France and Britain for nearly wiping out its profit in 2009.

The Associated Press

PARIS —

Eurotunnel SA, the operator of the English Channel tunnel, on Tuesday blamed a fire in the undersea route between France and Britain for nearly wiping out its profit in 2009.

Eurotunnel said its net profit sank to euro1.4 million ($1.9 million) from euro40 million a year earlier, when a restructuring deal with shareholders had helped end years of financial uncertainty and avoid bankruptcy.

Part of the tunnel was closed after a fire broke out Sept. 11, 2008, aboard one of the trains that whiz back and forth through the 50-kilometer (30-mile) tunnel between Britain and France.

Full capacity was only restored in February last year, leading to a drop in traffic of Eurotunnel's car and truck shuttle service as well as the Eurostar passenger train service through the tunnel.

Eurotunnel earnings were also hit by disruption to the Eurostar train service, which pays to use the tunnel and was shut for four days in December due to cold weather, with unusually dry, powdery snow getting into the trains' engines. The shutdown affected 40,000 people.

E-mail E-mail article      Print Print      Share Share

More Business & Technology

UPDATE - 09:46 AM
Exxon Mobil wins ruling in Alaska oil spill case

UPDATE - 09:32 AM
Bank stocks push indexes higher; oil prices dip

UPDATE - 08:04 AM
Ford CEO Mulally gets $56.5M in stock award

UPDATE - 07:54 AM
Underwater mortgages rise as home prices fall

NEW - 09:43 AM
Warner Bros. to offer movie rentals on Facebook

More Business & Technology headlines...

Comments
No comments have been posted to this article.

advertising


Get home delivery today!

Video

Advertising

AP Video

Entertainment | Top Video | World | Offbeat Video | Sci-Tech

Marketplace

Advertising