IHS Chemical Week

People & Business :: Earnings/Finance

Oltchim's losses narrow on restructuring

1:12 PM MDT | May 15, 2014 | Ian Young

State-owned chemical producer Oltchim (Râmnicu Vâlcea, Romania) reports losses of €12 million in the first quarter, 35% lower than the losses reported in the first quarter of last year. Oltchim's sales soared 65% year-on-year in the first quarter, to €30 million. Cost cutting, including more than 900 job cuts in mid-2013, reduced the company's losses, the company says. Oltchim entered insolvency in January 2013 with debts of about €800 million. The company says its debts were at about the same level at the end of the first quarter of...

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