Carris : reduced financial losses and transfer to the cityof Lisbon in the pipe

  • Updated9 March 2004
  • News

Carris, the state-owned company operating the bus, tramways and funiculars of the Portuguese capital city expects losses of €6 million in 2003, after a record deficit of €90 million in 2002.

The company plans
to cut 1,200 jobs, out of a total of 4,000, by 2005, so as to curb its deficits,
and thus its debt, which amounts to €280 million.

In this context, the
Portuguese government plans to transfer the ownership of the company
to the Municipality of Lisbon before the end of the year.