Oltchim reports nine-month net loss of New Lei 172.5m

02 November 2009 12:17  [Source: ICIS news]

BUCHAREST (ICIS news)--Oltchim posted a net loss of Romania New Lei 172.5m ($59.3m, €40.3m) for the first nine months of 2009, compared with a net loss of New Lei 27.68m in the same period last year, the Romanian petrochemical and plastics manufacturer said on Monday.

Turnover decreased 51% year on year to New Lei 792.16m, the company added, without commenting on the results.

Based in Ramnicu Valcea, in southern Romania, Oltchim produces caustic soda, petrochemicals, agrochemicals, inorganic products and building materials, including insulating polyvinyl chloride (PVC) for panels, doors and window frames.

In July, the Romanian government approved a rescue plan for the indebted state chemical producer.

The European Commission launched an investigation on 15 September into whether Romania’s plans to award Oltchim loan guarantees worth €339.2m ($498.8m) and a debt-to-equity swap valued at €135m complied with EU state-aid rules.

($1 = New Lei 2.91/€1 = New Lei 4.28)

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By: Marian Chiriac
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