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CFR Marfa trims loss by 87%

Romanian state-owned railway freight operator CFR Marfa reported a turnover of RON 681.3 million (EUR 155 million)  in January-September 2014, up 3% on the year, while its loss narrowed by 87% to RON 17.7  million (EUR 4 million), down from RON 135.3 million (EUR 30 million) in the same period in 2013, according to information provided at the request of MEDIAFAX.

2014 income and expenditure budget approved by the government foresees revenues of RON 1.1 billion, expenditures of RON 1 billion and a gross profit of RON 82 million.

As proposed in the 2nd budget rectification in 2014, CFR revenue targets remain the same, however expenditures are to increase by RON 58 million (EUR 13 million), due to the delayed start of mass  layoffs. So far the company has fired 2296 employees of the 2500 planned to be made redundant in 2014. 

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