The last year in which CFR Marfa turned a profit was 2007, when it posted RON6.12 million, down 85.7% compared with the previous year, according to Finance Ministry data. The rail operator posted losses of RON169.44 million in 2008, RON341.95 million in 2009 and RON535.26 million in 2010.
Last year, CFR Marfa’s revenue was 6.2% higher than set in its budget, as revised in December, RON1.19 billion compared with RON1.12 billion, but expenses were also higher, RON1.32 billion compared with RON1.2 billion.
For 2012, CFR Marfa expects losses, in the amount of RON95 million, which would decrease to RON23 million in 2013 and increase again in 2014, to RON35 million.
Budget revenue is up slightly from the level anticipated in 2011, at RON1.97 billion from RON1.95 billion. Expenses are also seen at RON1.26 billion from RON1.25 billion.
CFR Marfa allotted RON95.81 million for investments last year and for this year it has allotted RON97.41 million.
The operator ended 2011 with debts of RON1.25 billion, RON200 million less than in the previous year, and expects them to increase by 4%, to RON1.3 billion this year.
The Government and the International Monetary Fund have agreed to remove CFR Marfa from the list of companies to have private management and sell it to a strategic investor. This process should complete by the end of October and must allow the involvement of the European Bank for Reconstruction and Development and the International Finance Corporation (IFC, a division of the World Bank group). (EUR1=RON4.3394)