ONT cuts losses

Tourism company ONT Carpati concluded the first half with 3bn ROL in net losses, five times lower than the losses in the same time last year. In spite of turnover dropping to less than half of the level logged in the first six months of 2002, ONT still managed to post core business-related profit of 3.7bn ROL, instead of the 8bn ROL loss in H1, 2002. H1 turnover amounted to 38bn ROL, down 53% from the corresponding period of last year, when it reached 80bn ROL. Significant debts that piled up, however, generated an over 6bn ROL loss due to the interests paid, the same as in the first six months of 2002. Outstanding debts of ONT amounted to nearly 90bn ROL ($2.7 million) in mid 2003, 36bn ROL of which in form of debts to suppliers, 35bn ROL – overdue banking loans and 12bn ROL in debts to the social security budget. ZF