Tarom cuts first-quarter loss

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Tarom reduced its first-quarter loss by 24% as rising revenues and cost cuts outweighed adverse exchange-rate movements.

The Romanian airline's preliminary, unaudited results show a net loss of New Lei 49 million ($15 million), which compares with New Lei 64 million in 2012's first quarter.

"Through the continuation of prudent management and the implementation of the management action plan, which has started with the second quarter of this year, this result trend will continue to improve and be sustained," says Tarom chief Christian Heinzmann.

The carrier is planning a fleet revamp, a 10% reduction in its workforce over two years, and a fuel-saving programme.