Romanian state-owned airline increases losses fourfold in H1

State-owned airline Tarom recorded losses of over RON 104 million (EUR 22.7 million) in the first six months of this year, almost four times higher compared to the losses recorded in the same period in 2016. Tarom had losses of RON 28.6 million (EUR 6.2 million) at the end of June 2016. In May, the transport minister Razvan Cuc said that the company would not record a loss this year. However, Tarom’s recent draft budget estimates that the airline will see losses of RON 41.2 million (EUR 9 million) in 2017. The company’s operating income dropped by 13.5% year-on-year reaching EUR 104.8 million at the end of June this year. Tarom had 1,867 employees in the first six months of this year, compared to 1,928 at the end of June 2016. Romanian state-owned airline Tarom records EUR 10 mln losses in 2016 editor@romania-insider.com