Oltchim's Net Loss Narrows To RON2.64M In First Quarter

05.05.2011 By Florentina Dragu

Romania’s state-run chemical producer Oltchim Ramnicu Valcea (OLT.RO) on Thursday said its loss narrowed substantially in the first quarter, as sales more than tripled on the year.

Oltchim reported a net loss of 2.64 million lei (EUR627,000) in the first quarter, from RON52.8 million in the same period of 2010.

The company said total sales rose to RON464.7 million (EUR110 million) in January to March, from RON140 million in the first quarter a year earlier.

Operating loss narrowed to RON3.8 million, from RON54.4 million in the first quarter of 2010.

Total revenue doubled to RON519.7 million in the first quarter, while overall costs rose 82% to RON522.4 million.

Romania, through the Economy Ministry, owns 54.79% in Oltchim.

On the Bucharest bourse Thursday morning, Oltchim's shares traded up 0.47% at RON0.428. (EUR1=RON4.1127)