Tarom shrinks loss in 2011

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Romanian flag carrier Tarom, which should be privatised later this year, made a loss of New Lei 262 million ($74.9 million) in the year to 31 December 2011 according to accounts recently posted on the Romanian Ministry of Finance website.

Although the SkyTeam alliance member improved on the previous year's loss of New Lei 332 million, it is Tarom's fourth straight year in the red. Since 2008 it has racked up New Lei 834 million in cumulative losses.

Total revenue for the period was New Lei 1.25 billion, against New Lei 1.28 billion in 2010, with operating turnover at New Lei 946 million compared with new Lei 918 million in the previous period.

The airline's total assets stood at New Lei 1.15 billion for 2011.