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Nov 02, 2017 15:05 EEST
November 2 (SeeNews) - Romanian flag carrier Tarom expects its gross loss will widen to 206.7 million lei ($52.3 million/44.9 million euro) in 2017, according to estimates posted on the website of the transport ministry on Thursday.
The expected gross loss in 2017 is more than four times higher than the provisional 2016 gross loss of 46.9 million lei, the ministry said in an estimate of Tarom's performance under this year's budget.
In the previous estimate published in September, the company was expected to close 2017 a much smaller gross loss of 41.2 million lei.
Tarom will post revenues of 1.14 billion lei in 2017, while expenses are projected at 1.35 billion lei, according to the latest estimates of the ministry.
The company will allocate 262 million lei to investments in 2017.
The company also expects to close 2017 with an outstanding debt of 2.99 million lei.
Its total number of employees at the end of 2017 will be 1,900. The average monthly wage is planned at 6,363 lei.
In 2016, the company posted a 47 million lei loss, marking Tarom's ninth straight non-profitable year. In the last two years, the transport ministry has made various change in Tarom's top management, hoping to improve financial results.
At the beginning of October, Tarom named Daniela Dragne as new interim CEO for a period of 30 days, after which the company's board will decide on a possible extension.
Tarom's previous interim CEO and former pilot Florin Susanu resigned on September 19, saying that he prefers to go back to the cockpit.
Former CEO Eugen Davidoiu resigned in August after only five months on the job following criticism from prime minister Mihai Tudose for the company's huge loss in the first half of the year.
In March last year, Tarom's CEO Christian Heinzmann was fired by the transport ministry due to unjustified losses posted by the company and too many sick leave days taken by its staff.
(1 euro=4.5981 lei)
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