Oltchim reported a net loss of RON70.3 million in January to June, from RON177.2 million in the year-earlier period.
“Oltchim continued to operate at only 54% of its capacity in the first half of the year, because the petrochemical operations in Pitesti couldn’t be resumed due to lack of financing,” the company said in its financial report.
The company said total revenue nearly doubled to RON1.05 billion in the first half, while overall costs rose 47.2% to RON1.075 billion.
Oltchim is majority owned by the Economy Ministry, with a 54.79% stake, while Germany’s PCC holds 12.16% of its shares.
Friday morning, Oltchim traded up 2.72% at RON1.361 a share.(EUR1=RON4.2885)