“Although production sold increased significantly in quantitative terms, the turnover achieved in 2016, amounting to EUR168 million, is roughly at the same level as in 2015 because of lower selling prices of finished products driven by the evolution of international prices,” the company said in a statement to Bucharest Stock Exchange.
The company capitalizes more than 73% of turnover at export and intra-community market and estimated for 2016 a positive net external balance of EUR96 million. The value of export and intra-community market deliveries, amounting to EUR123 million euro was much higher than the value of imports and intra-community acquisitions, of EUR27 million.
Oltchim reported a preliminary gross profit of RON20 million last year, triggered by a gross profit of RON35.6 million related to the operational assets at Ramnicu Valcea, losses of RON11.4 million caused by the Petrochemical Division Bradu, whici is inoperative, and mothballing expenses of RON4.2 million related to inoperative assets at Ramnicu Valcea site.
Oltchim has been under insolvency since January 2013 and its judicial reorganization plan was extended for another one-year period in 2016.
The chemical plant is 54.8% owned by the Economy Ministry, 32.34% by PCC SE, while other shareholders own the remaining stake of 12.85%.