Romanian airline Tarom estimates losses of EUR 1.5 mln for 2016

Romanian airline Tarom could close this year with losses of RON 6.8 million (EUR 1.5 million), according to the company’s budget for 2016. The revenues are estimated at EUR 336.8 million whereas the expenditures could reach EUR 338.1 million. The draft budget provides some EUR 47.4 million for staff costs, almost EUR 30 million of which are the salary expenses. The company could have 2,083 employees at the end of the year, and the average monthly wage would reach EUR 1,266. Tarom also plans some EUR 30.4 million worth of investments. The company’s budget needs to be approved by the Transport Ministry, as Tarom is state-owned. Tarom had total losses of EUR 166 million in the period 2011-2014. However, the negative result went down from EUR 60 million in 2011 to EUR 25 million in 2014, as the company’s turnover increased. The company hasn’t released its results for 2015. editor@romania-insider.com