In 2012, the state-run company reported a loss of RON569.4 million. Last year’s result was revised from a loss of RON403 million initially reported.
Oltchim said its operating loss narrowed 17.3% to RON276.8 million in 2013. Operating costs dropped 28.4% to RON774 million, while the operating income fell to RON497.7 million, from RON748.2 million in the previous year.
Sales declined 34.5% to around RON498 million. Exports accounted for 62% of the company’s sales in 2013.
At the end of 2013, Oltchim had 2,317 staff on payroll, down from over 3,300 employees a year earlier.
The company’s debts widened to RON3.62 billion at the end of December, from around RON2.8 billion in 2012. The company has outstanding receivables worth RON77 million.
Oltchim, majority owned by the Economy Ministry, halted operations in August 2012 in preparation for a privatization attempt, which failed after the auction winner refused to pay the price agreed with the authorities.
The company opened insolvency proceedings in January 2013.
The company recently set up a special purpose vehicle called Oltchim SPV to manage its assets, which will be auctioned in late March. (EUR1=RON4.4815)