THE future of debt-laden Channel Tunnel operator Eurotunnel hangs in the balance after the company's half-year losses rose to £82m.
The deficit was sharply higher than the £17m at the same stage last year, and Eurotunnel said its survival hinged on talks with financial and industrial partners.
It said it was continuing to be squeezed by low-cost airlines, while it was also losing market share in the cross-Channel passenger market.
Eurotunnel shares, which have halved in value since February, fell a further ten per cent yesterday to 20.25p.
A statement from chairman Jacques Maillot and chief executive Jean-Louis Raymond said: "As our shareholders feared, Eurotunnel's financial situation is worrying."
This month, the company said cost-cutting and changes to pricing would underpin its revival strategy as it tries to reduce its £6.4bn debt.
Published: 27/04/2004
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article