Oltchim cuts losses
Oltchim Ramnicu Valcea registered losses of RON 114.51 m in Q1 2014, down 22 percent against the same period last year, when losses amounted to RON 147.49 m, the Bucharest Stock Exchange (BVB) financial report reads. Exploitation losses amounted to RON 108.8 m, while financial losses reached RON 5.7 m. Exploitation revenues reached RON 274.3 m, up against the same period last year of RON 206.98 m, while exploitation expenditures amounted to RON 383.1 m. Oltchim sales of chemical products on the domestic market in H1 2014 represented 31 percent of the turnover, sales on international markets – 69 percent.
The main shareholder is the Romanian state, as the Ministry of Economy owns a share of 54.8 percent. Oltchim was placed under insolvency in January 2013 and is to be put up for privatization in December, the third attempt to privatize the plant.