Insolvent Romanian state-owned chemical producer Oltchim recorded 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.

For January-March, the company reported losses of RON 56.2 million (EUR 12.4 million), down 34.6 percent year-on-year.

Almost 67 percent of Oltchim’s turnover is generated by petrochemicals activities.

“The reduction of losses was registered due to a better use of financial resources, the elimination of all expenditures that were not closely connected to the production activity […] and by reducing staff through layoffs organized in June 2013,” reads the company’s report.

At the end of Q1, the company had debts of RON 3.6 billion (EUR 800 million), similar to the amount reported in the same period of 2013.

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

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