Romania’s biggest chemical producer Oltchim Ramnicu Valcea made a net profit of over EUR 520 million in the first nine months of 2015, compared to EUR 36 million losses in the same period of last year.

The result was mainly due to the financial revenues the company made from the creditors’ decision to write off some EUR 530 million worth of debt from Oltchim’s balance sheet, as a part of the company’s reorganization plan.

The company’s operations also produced better results this year. The turnover went up by 31% in the first nine months, to EUR 30.4 million, and the operational profit before interest, taxes, depreciation and amortization (EBITDA) turned positive, to EUR 7.65 million.

Oltchim produces polyols and exports over 75% of its output. The company also has PVC production units, but hasn’t used them for several years, due to lack of raw materials.

editor@romania-insider.com