One in four govt-controlled firms operating at a loss

(ANSA) -Rome, August 26 - One in four local-government-controlled service providers are operating at a loss, Spending Review Commissioner Carlo Cottarelli said Tuesday citing 2012 annual reports.
    That means 1,424 out of a total of 5,264 publicly-funded companies Cottarelli has reviewed so far, turned out to be loss-making.
    Another 143 such companies were found to have depleted their capital or to be in the red outright, and an additional 1,075 firms could not be assessed because their annual reports were not available, the economy ministry added. Of the firms in the red, the worst performers were Venice-based CMV SpA, which is tasked with promoting real estate construction (-20.3 million euros), Fiera di Roma trade fair organizer (-15.7 million euros) and Lazio Cotral public transport operator (-14.9 million euros).
    Cottarelli is trying to boost efficiency and cut waste at every level of Italy's bloated public administration system.
    Since his appointment last fall, he has come up with 32 possible places to cut public spending, earning him the nickname of Mr. Scissorhands.