Oltchim loses $20m

Chemical plant Oltchim Ramnicu-Valcea concluded 2003 with preliminary losses of some $20m (655.7bn ROL), although early-year data had led the Bucharest Stock Exchange (BSE) investors to believe that the company could actually break even, after many years of “drought.” The losses came after the first half of last year, when Oltchim reported $1.7m profit. Still, the plant did manage to improve its financial situation, as the 2002 losses had accounted for $30m. Losses dropped as sales saw a better year. Oltchim’s turnover went up 20% in 2003, from $210m, to $244m (8,067,49bn ROL). ZF