Romanian state-owned airline Tarom records EUR 10 mln losses in 2016

Romania’s state-owned airline Tarom recorded RON 47 million (EUR 10.3 million) losses last year, higher than in 2015, when the company was EUR 6 million in the red, according to public data from the Finance Ministry. The estimated budget for 2016 provided a loss of only EUR 1.4 million. Last year was Tarom's ninth consecutive year on a loss. The company’s turnover amounted to EUR 239 million in 2016, down 5.6% compared to the previous year. Tarom had 1,841 employees at the end of last year, 39 fewer compared to 2015. The company lost market share in favor of low-cost companies and reached the third place in the country for the number of passengers transported. The Romanian operator was also surpassed by Blue Air, which went up to second place, while Hungarian low-cost operator Wizz Air continued to be the largest airline in Romania. Tarom withdrew its A310 long-haul planes at the end of last year, which reduced its capacity by 20%, according to company’s data. At the end of last month, the airline received two new Boeing B737-800 NG aircraft, which were leased over a ten-year period. Romanian airline wants five flights a week to China, the U.S. editor@romania-insider.com