CFR SA ended 2010 with RON1.04 billion in losses, up 12.5% from 2009.
The revised budget for this year provides 3.9% higher revenue, now at RON2.38 billion (from RON2.29 billion), and 10.1% lower expenses, now at RON2.73 billion (from RON3.04 billion).
Debts are reduced slightly to RON4.46 billion, from the RON4.59 billion provided by the budget approved earlier in the year. CFR SA’s debts at the end of 2010 were RON5.36 billion.
CFR SA, the railway infrastructure administrator, is among the companies monitored through the agreement with the IMF. The Government has promised the IMF to close 20% of the country’s railroad network, about 4,000 kilometers of railway lines, unless it finds investors to ensure their maintenance.
In early July, the Government decided to close around 1,000 km of unprofitable lines and lease another 1,000 km to private operators, expecting to save up RON109 million lei. Since 2004, more than 2,000 km of railroad have been leased.
(EUR1=RON4.2657)