Its total revenue rose nearly 10% to RON654.8 million last year, compared to RON598 million in 2013, while expenses fell 26% to RON1.6 billion. Staff costs dropped by RON80 million after the company sacked 918 employees in June 2013.
Oltchim’s turnover advanced 26% to RON627.5 million (EUR141.2 million) in 2014, from RON497.9 million a year ago, the company said in its financial report.
The increase in turnover was due to exports surging 44.7% to RON444 million, while sales on the Romanian market fell 4% to RON183 million.
Its debts rose slightly from RON3.66 billion in 2013 to RON3.73 billion, of which RON38.3 million is the net severance pay for sacked employees.
Oltchim, 54.8% 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.
Oltchim’s administrators, RomInsolv and BDO Business Restructuring, said in January that they will present the company’s reorganization plan in February, which is to be approved in March.