Insolvent Romanian chemical producer’s profit more than doubles

Insolvent chemical producer Oltchim increased its net profit two and a half times in the first nine months of this year, to almost RON 40 million (EUR 8.6 million). By comparison, the company saw a net profit of RON 16.1 million (EUR 3.4 million) between January and September last year. Its turnover went up by 29% year-on-year to RON 716.3 million (EUR 154 million) at the end of September, compared to sales of RON 555 million (EUR 119.3 million) recorded at the end of September 2016. At the end of October, the company announced that the local chemical producer Chimcomplex, owned by Romanian investor Stefan Vuza, will pay EUR 127 million to buy most of its assets, whereas the PVC profile producer Dynamic Selling Group will pay EUR 1.9 million for a single asset. Oltchim, which is owned by the Romanian state, went into insolvency in January 2013. The company had total debts of some EUR 800 million at that time. Last year, the company was put up for sale, its assets being divided into nine packages. Romanian state gets EUR 129 mln for largest chemical plant editor@romania-insider.com