Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

At least 3 dead in grenade attack in Bujumbura

Read more

MEDIAWATCH

Inequality, sexism and the movie industry

Read more

ENCORE!

Sienna Miller on motherhood, her new movies and Cannes glamour

Read more

THE WORLD THIS WEEK

After the Fall of Ramadi, Palmyra: Did the West Underestimate the Jihadists?

Read more

THE WORLD THIS WEEK

Migrants and Immigrants: A Global Crisis

Read more

FRANCE IN FOCUS

Behind the scenes of French gastronomy

Read more

EYE ON AFRICA

Protests continue in Burundi as calls mount for election delay

Read more

EYE ON AFRICA

Burundi: Nkurunziza delays parliamentary polls as clashes continue

Read more

EYE ON AFRICA

At least two killed in fresh protests in Bujumbura

Read more

Business

After two decades in the red, Eurotunnel pays its first dividend

Latest update : 2009-03-04

Eurotunnel announced on Wednesday it will pay its first dividend since the company was created in 1986. A four euro cents per share dividend was announced after the Channel tunnel operator reported a 2008 net profit of 40 million euros.

AFP - Channel tunnel operator Eurotunnel said on Wednesday that it will pay its first-ever dividend after making a net profit of 40 million euros in 2008 despite fire damage of 200 million euros (249 million dollars).

The dividend, of four euro cents per share, will be the first since the company was created in 1986 and since trains began running beneath the channel between France and England in 1994.

Chief executive Jacques Gounon said that 2008 clearly marked the end of financial uncertainty for the business, despite a fire in the tunnel in September which cut capacity by half for a while.

The group's insurers paid 44 million euros, after deduction of a claim penalty, on account of lost business. The group put the total cost of the fire at 200 million euros.

The company, which has come close to bankruptcy and has restructured its debt several times, has 500,000 shareholders. The total dividend will amount to 7.6 million euros, equivalent to about 1% of the value of the company on the stock market.

Truck traffic had continued to fall, down by 46 percent at the beginning of this year following the fire, but passenger traffic had held steady, the company said.

The company began to recover in 2007, reporting a profit for the first time, of one million euros, after years of financial crises.

Date created : 2009-03-04

COMMENT(S)