Romanian Oltchim Nine-Month Loss Widens as Sales Shrink
Oltchim SA (OLT), Romania’s state-owned chemical company, said its net loss widened in the first nine months to 308.5 million lei ($88 million) from a loss of 179.8 million lei in the same period last year, according to a statement sent to the Bucharest Stock Exchange today.
The company’s total sales declined to 693.7 million lei from 1.26 billion lei, according to the statement.
Romania’s government may resume the sale of a majority stake in Oltchim next year after it failed to sign a sale contract with media entrepreneur Dan Diaconescu before a deadline expired on Oct. 1, according to Prime Minister Victor Ponta.
To contact the reporter on this story: Andra Timu in Bucharest at firstname.lastname@example.org
To contact the editor responsible for this story: James M. Gomez at email@example.com