Insolvent Romanian state-owned chemical producer Oltchim narrowed its loss to RON 114.5 million (over EUR 25 million) in the first half of 2014, down 22 percent year-on-year. In January-June 2013, the company registered a loss of RON 147.4 million.

The company’s operating income increased to RON 274.3 million (EUR 61 million) in this period, while the operating expenses amounted to RON 383.1 million (EUR 85.8 million).

The company had a turnover of RON 136.2 million (EUR 30.2 million) in the first quarter of 2014, up 64.7 percent against the same period of the previous year. It had losses of RON 56.2 million (EUR 12.4 million), down 34.6 percent year-on-year.

The Romanian state is the main shareholder of Oltchim. The company entered insolvency in January 2013.

Irina Popescu, irina.popescu@romania-insider.com