State-owned airline Tarom recorded gross losses of EUR 11.2 million in the first quarter of this year.

The quarterly loss was higher than the annual one Tarom recorded last year. It was also 29 times higher than the loss approved in the airline’s budget for the first three months of this year.

Tarom has estimated losses of EUR 1.5 million for this year, according to its budget, reports local Profit.ro.

The company recorded revenues of EUR 57.5 million in the first quarter of this year, although it had estimated an income of EUR 85.4 million. Tarom carried out investments of EUR 1.9 million in the first three months of the year, namely only 25% of the amount estimated in the investment plan for this period.

In June, the airline decided to hire an independent expert that could help it select a new general director. The office has remained empty after the former general manager, Belgian Christian Heinzmann, was laid off due to poor results. The future general manager will have a salary of EUR 5,200 per month.

editor@romania-insider.com