Oltchim makes 6m-euro profit in third quarter

Chemical plant Oltchim Ramnicu-Valcea, recovering from the heavy losses of recent years, managed to add a further 6 million euros in the third quarter of this year to the profit of 10 million euros it already made in the first half. Last year Oltchim saw losses of 173bn ROL (4.6 million euros). Fuelled by a growth in exports, sales almost doubled in nominal terms to a total of 10,114bn ROL (246 million euros) for the first nine months of the year. Around 75% of Oltchim’s output is exported and the market for the PVC and petrochemical products made by the plant is on the rise. Oltchim’s profit this year meant a reversion to positive equity (assets minus liabilities) for its financial statements. Earlier this year, the plant had debts of around 200 million euros, higher than the value of Oltchim’s assets. The last year Oltchim ended with a profit was 2000. ZF