Its loss narrowed 34.6% to RON56.2 million in January-March, from RON86 million in the same period in 2013.
Around 67% of Oltchim’s turnover, namely, RON91.1 million, is generated by petrochemical operations.
Oltchim sacked 918 employees in June 2013. The company had an average 2,297 employees at the end of the first quarter of 2014, 30% fewer from 3,272 in the first three months of 2013.
Oltchim’s debts reached RON3.659 billion at the end of the first three months, compared to RON3.662 billion in the year-earlier period.
Oltchim, majority 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. The company opened insolvency proceedings in January 2013.
Oltchim is majority owned by the Economy Ministry, which holds a 54.7% stake.