Eurotunnel suffers stormy first half year

By Lydia Wilson

EUROTUNNEL has reported an operating profit of £87 million for the first half of the year, down 3% on the same period last year.

Car shuttle traffic fell by 9% in the first six months of 2001, a trend the company blames on the impact of foot and mouth disease and unusually bad weather conditions on both sides of the Channel.

Coach traffic was down 3% against a market which was down 8% on the same period last year, according to Eurotunnel.  

Eurotunnel Group joint board chairman Charles Mackay warned that difficult market conditions could delay its aim of using cash flow to cover capital interest charges by 2002.

“Eurotunnel has done well to hold its results close to the level of 2000, despite the difficult environment which has developed over the past six months,” he said.