Groupe Eurotunnel, which operates the undersea rail link between England and France, said train breakdowns and a tunnel fire almost wiped out 2009 profit.
Net income plunged to €1.5 million from €44 million, the company said in a statement today. Sales fell 14 per cent to €640 million.
"The year started with the tunnel only partially open and ended with Eurostar trains breaking down," chief executive Jacques Gounon said.
The September 2008 fire reduced the frequency of the truck- carrying shuttles and passenger trains operated by Eurostar for months and caused a drop in demand from road-freight operators that lasted well beyond the re-opening. Cold weather in December and several passenger-train breakdowns also hurt volume.
The market for cross-Channel truck shuttling services is around 20 per cent below 2007.
Eurotunnel, which emerged from debt reorganisation and turned its first annual profit in 2007, said it stayed in profit last year only after booking €33 million in fire-related insurance payouts that it has yet to receive. Including minorities, Eurotunnel said its net income was €1.4 million.
But Mr Gounon said the results were "proof of Eurotunnel's resilience in the face of difficulties".
"Our group has remained profitable in an unfavourable economic context," he said.
Agencies