Oltchim reported a loss of 82.8 million lei (EUR19 million) in the first quarter, from RON2.64 million in the same period of 2011.
The company said total sales fell 45.2% to RON254.4 million in January through March, from RON464.7 million in the same period a year earlier.
Total revenue decreased 49.3% to RON263.4 million in the first quarter, while overall costs were down 33.7% to RON346.2 million.
Oltchim said recently that it plans to break even in 2012, after five consecutive years of losses.
Oltchim is majority owned by the Economy Ministry, with a 54.79% stake, while Germany’s PCC holds 12.16% of its shares.
On the Bucharest bourse Wednesday, Oltchim closed down 2.25% at RON0.87 a share. (EUR1=RON4.4168)