Oltchim has registered positive earnings before interest, taxes, depreciation, and amortization (EBITDA) on a monthly basis since October 2014, for the first time over the last three years.
The company’s good performance is due to regaining foreign clients’ trust, by supplying quality products, and to lower crude oil prices, Oltchim said in a statement sent to the Bucharest Stock Exchange.
The decline in crude oil prices on the international market enabled Oltchim to buy cheaper raw materials and further sell its products at lower prices.
The company’s exports rose 44% in 2014, to EUR100 million, and its loss shrank to EUR9.35 million, from EUR46.2 million in 2013, according to preliminary data released by Oltchim Tuesday.
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, will present the company’s reorganization plan in February, which is to be approved in March.