Oltchim cut losses by 50 pc


Petrochemical plant Oltchim, insolvent since January 2013, reported losses for last year of RON 285.08 million (EUR 64.5 million), 50 per cent lower, following the significant cuts in financial spending, reports Mediafax. The company reported a loss of RON 8.28 million out of its financial activity, compared to the negative result of RON 236.95 million in 2012, releases data sent by the company to the Stock Exchange on Monday. From its exploitation activity, Oltchim reported losses 17.3 per cent lower, of RON 276.79 million, compared to RON 334.7 million the previous year. The revenues from exploitation went down to 33.4 per cent, to RON 497.74 million, and the expenses were 28.4 per cent lower, of RON 774.54 million. The value of exports and intra-community deliveries outside Romania was EUR 69.4 million, representing 62 per cent of the turnover, and the amount of intra-community imports and purchases went as high as EUR 10.5 million, so that the external balance sheet was positive last year, of RON 58.9 million, according to a company report.

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