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