Eurotunnel Bids For Veolia Cargo French Operations;Posts 1st Half Net Loss
July 24 2009 - 3:00AM
Dow Jones News
Channel Tunnel operator Groupe Eurotunnel SA (GET.FR) Friday
said it is bidding to purchase the French subsidiaries of Veolia
Cargo, a unit of French waste, water and energy company Veolia
Environnement (VE).
Eurotunnel said that Veolia Cargo's French units produced
revenues of approximately EUR50 million in 2008.
Eurotunnel also noted a subsidiary of French state-owned railway
operator Societe Nationale des Chemins de Fer is bidding for the
German, Dutch and Italian subsidiaries of Veolia Cargo.
No financial details were provided.
Eurotunnel also said the bid is its "first external growth
project" and it was "made possible by the 2007 financial
restructuring."
Eurotunnel also reported Friday a net loss of EUR8 million for
the first half ended June 30, compared to a EUR26 million profit a
year earlier.
Eurotunnel said the loss was due to a fire in September, which
hindered its shuttle service until Feb. 10 and its Eurostar service
until Feb. 23.
Revenue for the first half fell to EUR266 million compared with
EUR386 million a year earlier.
Company Web site: www.eurotunnel.com
-By Alice Dore, Dow Jones Newswires; +33 1 4017 1740;
alice.dore@dowjones.com