Romania’s Oltchim expects to cut 2012 losses to zero

23 August 2012 11:02  [Source: ICIS news]

BUCHAREST (ICIS)--Romania’s Oltchim has forecast a zero net profit for this year, compared with losses of New Lei 270 m (€60m) in 2011, the pesticides and plastics manufacturer said on Thursday.

The company is targeting a turnover of New Lei 1.64bn, slightly up from last year's New Lei 1.53bn.

Oltchim is in the process of being privatised, with the government aiming to dispose of its 54.79% stake in an auction on 14 September.

In recent months, the Romanian government has been pushing forward with a privatisation timetable for the disposal of its majority stake in Oltchim, as part of a commitment to economic restructuring being carried out in consultation with, and with financial support from, the IMF.

The privatisation process has been postponed several times.

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

($1 = €0.80)
(€1 = New Lei 4.49)

 


By: Marian Chiriac
+44 20 8652 3214



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