Channel tunnel operator Getlink posts 25% revenue drop in Q4

(Reuters) - Channel tunnel operator Getlink on Thursday posted a 25% drop in fourth-quarter revenue, and noted declines in Eurotunnel truck traffic and ElecLink revenue.

The group's revenue for the quarter stood at 423 million euros ($460.39 million) compared with 562 million euros (recalculated) a year earlier.

Truck traffic on LeShuttle freight in the period fell by 13%, dragged down by a sluggish UK economy and growing competition from ferry companies "deviating from the social models applicable in British and French domestic shipping," the group said in a statement.

LeShuttle passenger traffic remained stable over the period, it added.

Its ElecLink power line, an underwater cable that links Britain's and France's grids, saw its quarterly revenue fall 53% to 132 million euros, an expected impact of narrowing of electricity price differentials between the two countries, the group said.

The unit has sold 65% of its interconnector capacity for 2024 by end-December, which would generate nearly 281 million euros in revenues, Getlink added

The full-year contributions of the ElecLink, Eurotunnel and Europorte businesses was also behind the 14% rise in 2023 group revenue which came in at 1.829 billion euros.

Getlink reiterated its confidence in exceeding 910 million euros in full-year core profit (EBITDA).

($1 = 0.9188 euros)

(Reporting by Dagmarah Mackos; Editing by Lincoln Feast.)