Romanian cargo railway company CFR Marfa expects EUR 20 mln losses this year

Romanian state rail freight transporter CFR Marfă estimates losses of RON 100 million (over EUR 20 million) this year, due to a decrease in the volume of freight transport, according to the company’s draft budget published for public consultations by the Transport Ministry, its majority shareholder, local News.ro reported.

Last November, the company’s management reportedly abandoned on purpose a RON 19 million (EUR 4 million) auction for transporting coal, an activity that still accounts for more than half of its revenues. The Government spotted frauds related to this, Ziare.com informed.

“Although the company expects its revenues to increase by 7.5% to RON 811 million (EUR 170 mln) and the total expenses by only 0.73%, at the end of 2019 it will still report a loss of RON 100 million,” the company’s draft budget shows. The losses will indeed be RON 50 million (33%) lower than last year.

(Photo source: Facebook/CFR Marfa)