Insolvent Romanian chemical producer returns to profit before tax

Romania's insolvent state-owned chemical producer Oltchim recorded in the first four months of the year a turnover of EUR 54.8 million, up 35% year-on-year, the company announced. The profit before taxes and amortization amounted to EUR 4.2 million, compared to a loss of EUR 11.7 million in the same period of last year. In the first four months of 2014, the producer had a turnover of EUR 40.8 million, whereas the business in 2013 amounted to almost EUR 28 million in the same period. In September, Oltchim will propose a timetable to reschedule the two and a half overdue monthly salaries. The insolvent company still waits for investors, after the state failed several times to privatize it. Three companies are interested in buying it, said Economy Minister Florin Tudose at the beginning of May. Two of them are Chinese and one is from Europe. Three companies interested in Romania’s insolvent chemical producer Oltchim Romanian chemical producer Oltchim halves loss No investor for Romania’s chemical producer Oltchim by privatization deadline editor@romania-insider.com