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168 million euro business figure at Oltchim

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Oltchim Ramnicu Valcea chemical plant reported a business figure of 168 million euros in 2016, almost the same level as in the previous year and loss of 2.5 million euros, according to preliminary data supplied by BVB on Wednesday (Bucharest Stock Exchange).

“Although sold output has significantly grown in quantity, the business figure obtained in 2016 - 168 million euros- is about the same as in 2015, because of lower sales prices of finished products, determined by the evolution of international quotations,” According to data sent by the chemical plant.

The 73% business figure for export to the EU market shows a positive foreign balance of 96 million euros, the value of export deliveries of 123 million euros being higher than imports and EU acquisitions, which were only 27 million euros.

Oltchim SA Ramnicu Valcea had a gross preliminary result of 20 million lei in 2016.

The reported gross profit was 35.6 million lei and losses 11.4 million lei, the equivalent of 2.5 million euros were determined by Bradu Petrochemical Division, which is not functional.

Conservation expenses were 4.2 million lei for non functional departments in Ramnicu Valcea industrial platform.

According to data sent by the company to BVB, economic-financial results in the current activity are due to regaining sales markets and the constant increase of quantities sold from all product categories, upgrading and capital repairs made for the main technological installations and cutting personnel expenses in 2015.

Moreover, results were influenced by the favorable conjuncture of the market in the first semester of 2016, while the drop of propylene purchase prices influenced in their turn the international oil quotation. Finished product sale prices also dropped, but to a lower extent than raw material costs.

Compared to 2015, the company increases the quantity of sales for the main groups of products: 18% for polyethers, main product with 64% share in the business figure, 17% increase for liquid caustic soda and 26% for oho alcohols.

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