Romanian Tarom Loss Shrinks To RON252.2M In 2011
Romanian state-run airline Tarom has narrowed its losses by 24.2% to 252.18 million lei (EUR58.1 million) in 2011, from RON332.5 million a year earlier.
Tarom estimates its loss will shrink to RON122.3 million in 2012 and to RON60.6 million the next year, according to the company’s revenue and expenditure budget.
Romania plans to sell 20% in Tarom via a public offering on the Bucharest Stock Exchange and estimates it will raise around EUR7.4 million, significantly lower from a minimum of EUR20 million previously envisaged last year.
The government hired a consortium made of Carpatica Invest and Swiss Capital to help with the sale.
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