Romanian chemical producer Oltchim halves loss

Romanian chemical producer Oltchim (OLT), currently under insolvency, decreased its loss by 46% last year. The loss went from EUR 213 million in 2013 to EUR 114.6 million in 2014. This happened while the producer used 24.3% of its capacity, compared to 20.6% the previous year. The total revenue increased by almost 10% to EUR 147.4 million from EUR 134.6 million in 2013 while expenses went down by 26% to EUR 360 million. The personnel expenses also dropped by EUR 18 million, after the company dismissed 918 employees in June 2013. The company’s turnover increased by 25% to EUR 141.2 million last year, according to an Oltchim report. editor@romania-insider.com