Oltchim boasts $1.7m profit

Petrochemical plant Oltchim Ramnicu-Valcea has posted profit in H1, 2003, due to increased sales and improved conditions on the foreign markets. The company reported $1.7m net profit in the first half, compared to the $8.8m loss posted in the year-ago period. Moreover, sales climbed 29.51%, from $94.2m to $122m. “Early this year we decided to increase sales by cutting prices. In other words, unitary profits will be smaller, but sales are guaranteed to go up. First-half results prove we made the right choice,” Oltchim president Constantin Roibu told Ziarul Financiar. The company is still incurring financial losses, mainly because of the $100m credits it took several years ago for modernisation. ZF