Antena 3 CNN Business State companies, billions of Euros losses

State companies, billions of Euros losses

State companies, billions of Euros losses
22 Aug 2013   •   16:08
State owned companies empty the state budget, registering losses of hundreds of millions of euros. In 2012 alone, Hidroelectrica, Oltchim Ramncicu valcea and CFR passengers have deprived the state  € 600 million.

Hidroelectrica, the largest energy producer in Romania,  closed 2012 with a record loss of € 114 million euro. The reasons  to accounting for that would be two drought  years  and the  damaging contracts signed by the wicked entrepreneur who have  bankrupted it.


There are good news though.  In the first quarter of 2013, Hidroelectrica registered  over  100 € million Euros in profits.

Oltchim Râmnicu Vâlcea   was not as lucky. The chemical plant closed 2012 with a registered loss of   € 126,5 million Euros.


Losses were recorded in the first six months of the year too, the chemical plants reporting a deficit of over €30 million.

Staff cost also decreased after 1,000 employees were made redundant.

The situation is equally difficult for  CFR passengers. The company has gotten  to the point of losing € 222.6 million in one year.

The company managers hope to improve the situation this year and limit losses to 90 million.

Even so, every company director who brought  his company into deficit  has never been held accountable so far.

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