Transilvania Constructii plans to cut salaried workforce by 180 early next year

Construction company Transilvania Constructii (COTR) said it will propose to its stockholders a workforce reduction by 180 in first two months in 2009, process which will be carried out in two phases. The company also announced it will contract a loan of 16 million euros, according to the press release remitted to Bucharest Stock Exchange.

Shareholders’ meeting was scheduled for December 10.

At the end of June, this year, Transilvania Constructii had 351 permanent employees.

Transilvania Constructii (COTR) reported a 43% lower after-tax profit after first nine months this year, down to 5.4 million lei (1.5 million euros) from a year ago, in the context of stagnating turnover at 50.3 million lei (13.8 million euros)

The company’s stocks became traded at the Bucharest Stock Exchange after the transfer from Rasdaq. Transilvania Constructii Cluj has a common capital of 16.79 million lei, expressed in 508,881 shares, with a nominal value of 33 lei.

Translated by Camelia Oancea

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