BUSINESS

CFR Marfa fired half its personnel during the last year

Despite an improvement of incomes and expenses, CFR Marfa will have its fourth consecutive year of losses in 2012, reveal the economic data of the company at eight months, presented by the management to the Board of Administrators at the end of last month, Romania Libera informs. Official figures refer to curbing losses from RON 146 M at eight months last year to RON 51 M during January-August 2011.

The management of CFR Marfa claims that, if it were not for delay penalties to the debts worth RON 1.62 bln, the result at eight months would have been approximately neutral. The operational result, uninfluenced by penalties, at August 31 was a loss of just RON 835,000, the company management explains.

Compared to the end of 2010, when CFR Marfa had 10,904 employees, at the end of August 2011 the personnel had dwindled to 8,401, of which 2,581 were about to lose their jobs as well. This gives a total 5,084 employees fired within just a year, almost half of its initial staff. Expenses with personnel were 82.25 pc of last year’s figure.

In a different move, the Senate yesterday passed the draft law on the private management of public companies, with several dozens of amendments proposed by committees, Mediafax reports. It was decided that the private manager’s share of the net profit may not exceed 3.2 pc of the absolute value of the net profit. Initiators also proposed that private managers will be selected through contest, by a committee made of representatives of shareholders or associates, formed by decision of the general meeting of shareholders.

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