Romanian freight railway company sees EUR 10mn profit in 2012.

By bne IntelliNews September 26, 2011
Romanian state-controlled freight railway company might end 2012 with a net profit of EUR 10mn, Agerpres quoted the company's general manager George Micu as saying. CFR Marfa is among the state companies, generating the largest losses, where the government wants to appoint new management teams, based on competitive contracts, by the end of this year. The company reported expenses of EUR 127mn, out of which EUR 117mn from operations, and total revenues of EUR 259mn in 2010. The losses from operations thus nearly doubled in 2010 from EUR 68mn one year earlier while the revenues remained roughly constant around EUR 260mn. The last time the company reported a net profit (EUR 0.5mn) was in 2007, but the activity has shrank meanwhile and pushed CFR Marfa into the red. The revenues, however, picked up by 18% y/y in H1 on general economic recovery, the management reported, while the expenses shrank by 55% y/y. The improvement in company's financials occurred also on the back of significant workforce reduction, by 32% y/y to 11,588 at the end of 2010.
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