Its turnover reached RON571 million (EUR128.6 million) in the first nine months of the year, from RON436 million in the same period in 2014, due to higher sales of the company’s main products, Oltchim said in its financial report released Thursday.
The company’s net revenue from the current activity of operating assets reached RON10 million (EUR2.25 million), the best result since the opening of insolvency procedures, Oltchim also said in its report.
Its net profit totalled RON2.31 billion (EUR520 million), after the annulment of debts worth RON2.35 billion, based on the reorganization plan approved by the syndic judge in April 2015.
Employee expenses fell to RON82 million (EUR18.5 million) in January-September this year, from RON87.3 million in the same interval in 2014. The average number of employees stood at 2,201 in 2015, compared to 2,278 in January-September 2014.
Oltchim has been under insolvency since January 2013 and its reorganization plan stipulates its sale for at least EUR307 million.
Oltchim 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.
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%.