Romanian freight railway company CFR Marfa will see its profit shrinking this year by some EUR 13.6 million, as it has delayed mass layoffs which would have reduced its personnel expenses on the long run, according to Mediafax.

CFR Marfa announced plans to ax 2,500 people or about a third of its staff in February this year. Layoff procedures started in July, but were not finalized. CFR Marfa expects to have some 6,400 employees by year-end.

End-2013, the company posted a loss of some EUR 60 million, and some 8,700 employees. The Government agreed with the International Monetary Fund IMF to restructure CFR Marfa and continue its privatization plans, after the privatization attempt failed last year.

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editor@romania-insider.com