Romanian chemical producer Oltchim records losses, although it reports profit
Romania's insolvent chemical producer Oltchim recorded losses of EUR 8.5 million in the first nine months of 2016, although it reported a profit of EUR 3.6 million, according to an independent report commissioned by one of the company’s creditors.
Local News.ro managed to get the report which was drafted in December 2016 by lawyers specialized in company reorganization.
The document’s authors consider that the financial results of Oltchim should be recalculated considering the debts to creditors. This would mean an adjustment of over EUR 10 million, at an interest rate of 10%.
According to company’s representatives, Oltchim recorded a net profit of EUR 3.6 million in the first nine months of 2016, compared to losses of EUR 3.5 million recorded during the same period in 2015. The official results presented by Oltchim didn’t include the cost of its debts.
editor@romania-insider.com
