EUROTUNNEL chairman Charles Mackay has warned
difficult trading conditions are likely to continue into the second half of the

Reporting first-half figures, the Channel Tunnel
operator said net losses were £17 million, down from £94 million last year, on
the back of a 7% fall in operating revenue.

Mackay said: “Our first half results reflect the
current depressed demand and consequent pricing pressures which are affecting
the travel and freight sectors as a whole.

“These challenging conditions now look set to
continue in the second half.”

Mackay warned full-year
revenues are unlikely to cover its interest charges from cashflow