COMPANIES ECONOMY

After 10 years of instability, Oltchim registers profit in Q1 2016

+  The petrochemical company registered a gross profit of EUR 1.3 M and a turnover of EUR 37.8 M

 

Combinatul Oltchim SA reported an overall gross profit of EUR 1.3 M and a turnover of EUR 37.8 M in Q1 this year, according to a communiqué released by a consortium of trustees in bankruptcy.

2006 was the last year in which the company registered an overall profit. In 2015, the plant posted EUR 846 M in losses.

Oltchim’s overall earnings stood at EUR 38.18 M, and its overall expenditures at EUR 36.9 M. Its operating profit grew to EUR 4.32 M, up from EUR 3.1 M in Q1 of 2015.

In the first quarter this year, the value of intra-EU28 exports stood at EUR 27.4 M, representing 73 percent of turnover. The value of intra-EU28 imports and procurements stood at EUR 6.1 M, so that the company registered a trade surplus of EUR 21.3 M in the first three months of the year.

Sale prices registered slumps in all groups of products in Q1 this year compared to Q1 last year, having an unfavourable impact of EUR 6.1 M on turnover.

Likewise, the company continued to lower the arrears registered in the first part of its insolvency period and registered a drop in outstanding debts.

Oltchim is the only producer of liquid sodium hydroxide in Central Europe and the only producer of chlorine and polyether polyols in Romania. The company is exporting around 70 percent of its production.

The Romanian state owns 54.8 percent of the company.

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