Romanian state-owned chemical producer Oltchim recorded a net loss of some EUR 33.6 million (RON 147.4 million) in H1 2013, down 22 percent over the same period in 2012, according to the company’s latest report.

Oltchim’s total revenues in the first half of 2013 amounted to around EUR 54 million (RON 239 million), while its costs went down to EUR 88 million (RON 386 million). The chemical producer had sales of EUR 48 million (RON 210.5 million) in the first six months of this year, of which 59 percent were exports.

Oltchim has been under insolvency procedures since January 2013. This came soon after the state failed to privatize Oltchim in a first privatization stage, which was won by media mogul Dan Diaconescu, who then failed to pay the pledged amount.

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

(photo source: Sxc.hu)