Romania's Tarom net loss to widen to 315 mln lei (65 mln euro) in 2020 - transport min

The fully state-owned company will end 2020 with 1,233 employees, down from 1,607 at the moment, the ministry said in a report published in the Official Gazette on Wednesday.

Tarom is expected to post revenues of 1.01 billion lei in 2020, while expenses are projected at 1.32 billion lei, according the ministry's estimated.

The company will allocate 205.5 million lei to investments in 2020.

The company expects to close 2020 with an outstanding debt of 2 million lei.

Earlier this month, Tarom named Mihaita Ursu as its interim CEO, to replace George Barbu who resigned. Ursu is the company's fifth CEO in less than four years.

Tarom is operating on international and domestic routes with a fleet of 25 aircraft - seven ATR-42-500, two ATR-72, 4 Boeing 737-700, 4 Boeing 737-300, 4 Boeing 737-800 NG, and 4 Airbus A318-111.

In April, Romania's government approved a total 130 million euro ($140 million) in loans to Tarom and low-cost carrier Blue Air to help them overcome a slump in revenues due to the COVID-19 pandemic.

The disbursement of the loans is pending approval by the European Commission. It is not clear how the funding will be split between the two airlines.

(1 euro=4.8422 lei)