UCM Resita said total revenue dropped 73.8% on the year to RON28.25 million in January through September.
Sales were down 65% to RON34.22 million.
“The decline is due to the fact that around 85% of UCM Resita’s turnover comes from the hydropower sector and Hidroelectrica, the company’s main client, underwent insolvency proceedings until the end of June 2013,” the company said in its financial report.
Founded in 1771, UCM Resita is Romania’s oldest industrial facility and one of the oldest plants in Europe.
UCM Resita was privatized in 2003, when Swiss company INET and UCM employees association took over the majority stake, in a EUR13.1 million deal. INET currently owns a 96.39% stake in the company.
The company entered insolvency in January 2012 and is currently administered by the Euro Insol insolvency firm.. (EUR1=RON4.4536)