Romania’s state railway company CFR posted a profit of EUR 23.7 million last year, according to the preliminary financial data.

The profit slightly exceeded the target allocated by the Finance Ministry, said the CFR GM Marius Chiper, according to local Agerpres.

“We need to consider that a railway company is not a commercial firm oriented to the commercial market, and the profit is not a target per se,” Chiper said. The profit or earnings should be reinvested in projects for improving the railway infrastructure.

The company’s debts reached some EUR 60.5 million last year. They went down by 15% every year starting 2012, according to the demands of the International Monetary Fund. In 2012, the authorities decided to grant subsidies to maintain the railway. This has eased the financial debt of CFR, Chiper said.

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editor@romania-insider.com