At present, CFR Marfa is registering losses of up to RON 12 mln (some €2.8 mln) every month, due to costs higher than revenues. The company’s management said that the operator will eliminate losses, following the layoffs.
“The company cannot afford to continue posting losses. Probably next year, following the layoffs and because salaries will be frozen, we will regain balance, especially if we have the same freight traffic as this fall,” Mihai Frasinoi, the company’s General Manager, told Business Standard.
According to the official, the average gross salary estimated for 2010 is RON 2,300 per employee (some €548). Thus, if we multiply this salary by 6,380 employees who will be laid off, CFR Marfa will save RON 14.67 mln on a monthly basis, provided the salary fund for 2010 remains unchanged. Layoffs and freezing salaries are measures which have also been adopted by CFR Calatori (the national passenger train operator) and CFR Infrastructura.
For 2010, CFR Marfa’s General Manager estimates net sales worth RON 1.162 billion (€276 mln, at an average RON 4.2/€1exchange rate), slightly higher year-on-year, and a freight volume of 32 million tons. At the same time, the company plans investments of RON 70 mln (€16.7 mln), compared to RON 100 mln (€23.8 mln) invested this year.
