Posts Tagged ‘insurance benefits’
» posted on Saturday, April 18th, 2009 at 8:26 am by
Eurotunnel: Q1 -34% off insurance benefits
The Eurotunnel (GET.FR) announced Friday a drop of 34% of its turnover in the first quarter due to the fire that hit the Channel Tunnel until last September and whose effects continue to influence the traffic of the group, particularly in its business of transporting trucks and cars.
The turnover reached 116 million euros in the first quarter, against 176 million euros a year earlier.
The insurance benefits of 28.6 million euros received during the quarter as compensation for the loss of traffic due to the fire allowed the group to limit to 18% decline in revenues, to 144.6 million.
“The operating conditions were disrupted in eight of 13 weeks of this first quarter,” said the operator of the Channel Tunnel, while the Eurostar traffic returned to normal on 23 February and that the activity shuttles running again at full capacity since February 9.
In the first quarter, the number of trucks transported registered a decrease of 55% over the same period last year, the cars fell by 29% and the number of Eurostar passengers decreased by 12 %.
At the publication of its results beginning in March 2008, Eurotunnel had said that the consequences of the fire continue to be felt on virtually all of the year despite the restoration of its transport capacity.
“Our real problem is the carriers [road]. Our competitors have taken customers after the fire and as they are annual contracts, we will not recover before November 2009, had stressed the President Group, Jacques Gounon.
The group did not provide forecasts for the full year 2009, but Jacques Gounon said Friday that “for the last weekend of Easter, our passenger traffic (cars and buses) is very similar to 2008, which reinforces our daily reconquest of our clients. “
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