| Journal: TWUK | Section: |
| Title: | Issue Date: 08/05/00 |
| Author: | Page Number: 96 |
| Copyright: Other |
Cross-Channel operators pin losses on end of duty-free
CROSS-CHANNEL ferry operators have blamed severe losses in the first quarter of this year on the abolition of duty-free and the millennium hangover.Stena Line reported deepening losses of £38.9m, compared to £29.9min the same period last year. Turnover fell by 12% to £81.6m.
In a statement, the company said the loss of duty-free revenues and the current high oil prices would have a negative impact on results throughout this year.
P&O Stena Line, the joint-venture company operating Dover-Calais services, lost £11.4m in the first quarter. It made a profit of £3.5m in the same period last year.
P&OSL admitted its results were affected by the millennium and late Easter holiday, as well as the abolition of duty-free.
P&O Ferries, which runs services in the North Sea, Irish Sea, Western Channel and Scottish Isles, reported a fall in passenger numbers from 607,000 in the first quarter of last year to 558,000 this year. No financial results were available at the present time.
n P&OSL’s ferry Aquitaine is still out of action following damage to its bow when it docked at Calais two weeks ago.