Channel Tunnel operator Eurotunnel has warned it will post a loss this year, despite a surge in sales, unless an insurance dispute is resolved.
Eurotunnel said €48m of indemnities for losses resulting from a fire in September 2009 had been blocked due to an ongoing dispute since May 2009, pushing the rail operator into the red.
Reports say payment has been blocked following a legal challenge by rail operator Eurostar.
Eurotunnel said revenues from its shuttle services rose by 17% in the first half of 2009, but the net result from the six months was an overall loss of €45m.
Jacques Gounon, Groupe Eurotunnel's CEO, said: "If our insurance payments remain blocked, we shall be unable to declare a profit this year."
During the first half of 2009, Eurotunnel made a loss of €5m.