Romania's air carrier Tarom narrows loss by a third in first nine months of 2013

Romanian state-owned airline Tarom managed to narrow its losses by a third during the first nine months of 2013, to some EUR 18.4 million. The loss recorded at nine months was 13 percent below the management's plan. Meanwhile, its turnover was up just one percent, to some EUR 216 million. The company managed to up sales and decrease losses while it carried fewer passengers than during the first nine months of 2012. It carried 2.6 percent less passengers, and operated 188 less regular flights, in total some 12,500 flights during this period. This was due to an improvement in its route network. “It is essential for Tarom to fulfil its objectives in the management plan to be able to turn profitable in the coming years,” said executive director Christian Heinzmann, who stayed at the helm of the company beyond his one-year, shortened mandate. The company’s new board has recently cancelled the annex through which the Heinzmann’s four – year mandate had been shortened to a year. Romania’s Transport Ministry recently fired the entire board of directors at state-owned airline Tarom and named a new management team. The new board is currently made of Dante Stein, counselor of the Romanian Prime Minister, Manuel Donescu, state secretary within the Transport ministry, Florin Luca, banking strategy consultant, Bogdan Speteanu, general manager of BCR Leasing and Razvan Filipescu, president of the National Tourism Authority. Tarom, created in 1954, has around 2,000 employees and serves 52 destinations, out of which nine are domestic ones. editor@romania-insider.com