CFR Marfa’s 2014 budget, approved by the government in November 2013, envisaged revenue of RON1.117 billion, expenses of RON1.035 billion and a pretax profit of RON82 million. It also envisaged salary costs of RON201.1 million and costs with severance pay of RON16.8 million.
The revised budget of revenue and expenses for 2014 of Romanian freight railway carrier CFR Marfa envisages revenue of RON1.117 billion and expenses of RON1.093 billion, higher by RON58 million, due to delay in the start of mass layoffs.
The company’s revised budget for 2014 also stipulates lower pretax profit of RON23.69 million, salary costs of RON232.9 million and costs with severance pay of RON13.5 million.
In 2013, CFR Marfa reported revenue of RON984.8 million, loss of RON262.9 million and had an average 8,696 employees, according to Finance Ministry data.
The Romanian Government and the International Monetary Fund (IMF) agreed to subject CFR Marfa to an aggressive restructuring process and continue the privatization with a strategic investor.
In July 2014, CFR Marfa set off procedures to sack 2,500 employees, due to the company’s unfavorable financial situation.