Its revenues fell 5% in the analyzed interval to RON714.3 million, and overall costs dropped 8% to RON849.6 million, CFR Marfa said Thursday.
According to the company’s draft revenue and expenses budget for 2013, which is to be approved soon, CFR Marfa’s revenues are estimated at RON1.13 billion and gross loss at RON50 million.
Last year, the company registered revenues of RON1.05 billion and loss of RON405 million.
CFR Marfa carried out investments worth RON6.2 million in the first nine months of 2013, three times lower on the year.
The company’s main debtors are thermal power plants, chemical plant Oltchim, Rofersped, Carpat Cargo, energy producer Complexul Energetic Oltenia, RAAN, City Gate, General Invest, Transauto and SMR Bals.
CFR Marfa registered total debts of RON585 million at the end of September. Its receivables amounted to RON541.5 million.
The company’s overall debts at the end of 2012 stood at RON2.12 billion, according to Finance Ministry data.
Romania’s government and the International Monetary Fund have decided CFR Marfa will be reorganized “aggressively” by cutting staff costs, scrapping old railcars and terminating contracts with clients that register overdue debts to the company.
CFR Marfa is to be privatized by the end of May 2015, according to the country’s latest letter of intent to a EUR4 billion loan agreement with the IMF and the EU.
The sale of 51% in CFR Marfa to private railway operator Grup Feroviar Roman failed as procedures were not completed by the October 14 deadline. (EUR1=RON4.4536)