Eurotunnel To Pay First Ever Dividend
"Groupe Eurotunnel, the company that operates the undersea rail link between Britain and the Continent, took a major step Wednesday toward regaining credibility with investors, saying it would pay a dividend for the first time in its history after posting a profit for 2008.
The French-British company said it would pay a dividend of 4 cents a share after it posted a net profit of €40 million, or $50 million, last year, compared with a 2007 pro forma loss of about €1 million.
....Eurotunnel said its freight business - mainly shuttling trucks between Britain and France - suffered after the fire, as it gave priority to the Eurostar passenger trains that ply the route from London to Paris and Brussels. The total cost of the fire will be nearly €200 million, including damage and loss of revenue, said John Keefe, a Eurotunnel spokesman. He said all but €10 million of that would be covered by insurance.
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The French-British company said it would pay a dividend of 4 cents a share after it posted a net profit of €40 million, or $50 million, last year, compared with a 2007 pro forma loss of about €1 million.
....Eurotunnel said its freight business - mainly shuttling trucks between Britain and France - suffered after the fire, as it gave priority to the Eurostar passenger trains that ply the route from London to Paris and Brussels. The total cost of the fire will be nearly €200 million, including damage and loss of revenue, said John Keefe, a Eurotunnel spokesman. He said all but €10 million of that would be covered by insurance.
Full report...