Four state-owned Romanian transport companies post EUR 170 mln losses

The largest four state-owned transport companies in Romania, CFR Marfa, CFR Calatori, Tarom and Metrorex, registered total losses of EUR 168 million last year, according to a report from the Transport Ministry, that is the sole shareholder of these companies. Railway passenger transporter CFR Calatori posted the largest loss, of EUR 87 million, while the railway freight operator CFR Marfa lost EUR 37 million, the report shows. Romania’s state owned airline Tarom had a net loss of some EUR 32 million. Metrorex, the company that operates the Bucharest subway, also ended the year with a loss of EUR 12 million. Some of the most profitable companies controlled by the Transport Ministry are Romanian air traffic services administration Romatsa, the auto registry RAR, and the Bucharest Airports company. The ministry also controls the Constanta port administration and other smaller airport and port administrations. As some of the 30 companies controlled by the Transport Ministry were profitable, the total losses posted by the group amounted to EUR 126 million. However, the results show a profit of EUR 108 million for the whole group of companies in 2012. Total revenues of the 30 companies were EUR 2.2 billion but these include EUR 410 million in subsidies from the state budget. Total expenses amounted to EUR 2.32 billion, with a total payroll of EUR 580 million for a total of 68,700 employees. Total arrears of these companies at the end of the year were EUR 625 million, down by a third compared to 2012. Andrei Chirileasa, andrei@romania-insider.com