Eurotunnel reports £1.33bn loss for 2003
Channel tunnel operator Eurotunnel has reported a net loss of £1.33bn (€1.94bn) for 2003, following huge asset write downs.
The losses were mainly due to the £1.3bn (€1.89bn) impairment charge. Eurotunnel said it made a net loss of £34m before the asset write downs.
The group said the current high level of access charges paid by rail companies for the use of the Channel Tunnel is holding back traffic growth.
The company said it aims to "significantly" cut tunnel access rates for train operators from next year if it reaches agreement with creditors on cutting its debt servicing costs.
The company added it has made proposals to the UK and French governments seeking to address structural problems faced by the cross-Channel rail industry.
