March 4, 2009

Light at end of tunnel, financially

There is light at the end of the tunnel that runs beneath the English Channel, Eurotunnel said, announcing its first dividend payment to shareholders.

Eurotunnel raised slightly more than $1 billion from investors when it went public in 1987 but cost overruns forced it to raise $749.5 million in a rights issue in December 1990, The Times of London reported.

Eurotunnel said Wednesday it earned $50 million in 2008, a turnaround from losses of $15 million in 2007.

The year 2008 clearly marks the end of financial uncertainty for Eurotunnel, said Chairman and Chief Executive Officer Jacques Gounon.

Through its efficiency and the control of its costs, the group has recorded a solid profit which, for the first time in our history, allows us to pay a dividend to our loyal shareholders, he said.