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Marius Nedelcu, TransferGo
Cash will become obsolete and this will be the result of digital finance advancement»
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Government-run companies post aggregate 1994-2015 net losses of 66.5 billion RON

Romania's government-run companies have posted an aggregate net loss of 66.5 billion RON (14.7 billion Euro), 1994-2015, with 65.5 billion RON (14.5 billion Euro) in the first ten years of the analysis, according to data from National Bank of Romania, Agerpres news agency reads.

2017-04-03 13:01:52

"Despite sounder balance sheets, the financial reports of the government-run companies are negative overall (added net results of the years 1994-2015 reveal an aggregate net loss of 66.5 billion lei, with 65.5 billion lei amassed in the first ten years of the said period). There are two caveats in interpreting this aggregate result: first, the government-run companies are made up of diametrically opposed populations in terms of performance: there are companies reporting high profit figures, and then there are companies recording very high losses, which exceed the profits of the former," reads a document posted by the National Bank of Romania (BNR) on its website.

According to the same document, the top ten profitable government-run companies share between them 81 per cent of the net positive result.
"Similarly, the top 10 companies also share between them some 89 percent of the total losses. The government-run companies operated on a profit in just eight of the 22 years under consideration (the years 1994, 2005-2007, 2011 and 2013-2015). The ratio between the aggregate net profits and the aggregate losses in the period under consideration is 1 to 2," according to BNR.



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