Paris  - Franco-British company Eurotunnel, which manages the undersea rail tunnels linking Britain and France, said Tuesday that it had posted the first profit in its
14-year history in 2007.

Profit for the year was roughly 1 million euros (1.57 million dollars), compared to losses of 204 million euros in 2006 and of 2.81 billion euros in 2005.

Turnover was up some 6 per cent over 2006, at 775 million euros, with revenues from Eurotunnel's core shuttle business rising by 8 per cent, to 500 million euros, the company said in a press statement.

According to company chief executive Jacques Gounon, "the results are due to remarkable levels of performance and strict management of operating costs. They also benefit from the massive reduction in debt achieved through the financial restructuring."

The company was restructured last year and reduced its debt from 9 to 4.16 billion euros. In February, it carried out a capital increase of 800 million euros.

Estimated turnover for the first quarter of 2008 was up 15 per cent over the same period last year, at 187.6 million euros, with double-digit increases in both passenger and truck shuttle traffic, the company said. (dpa)