Eurotunnel Boasts First Profit

Debt-plagued cross-Channel rail company sees light at the end of the tunnel
By Rob Quinn,  Newser Staff
Posted Apr 8, 2008 7:19 AM CDT
File picture of a train emerging from the Eurotunnel, which has announced its first profit since the tunnel opened in 1994.   (Getty Images (by Event))
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(Newser) – Eurotunnel is in the black for the first time since the France-England tunnel opened in 1994, the BBC reports. The company says it has turned the corner after many troubled years, helped by a sweeping debt restructuring plan and the opening of a new high-speed rail link on the British side that has cut London-Paris travel time to under two hours.

Eurotunnel had struggled under huge debts since it opened, as discount airlines provided stiff competition and meant passenger numbers were way below forecasts. "We are getting the passenger numbers we should have had 15 years ago," said the company's chief exec, who predicted a bright future for the company.