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Tuesday, December 21, 2004

Oltchim Ramnicu Valcea increases profits

This year, Oltchim Ramnicu Valcea estimates a raw profit of approximately ROL 600 bln (about EUR 14,8 M), 17 times higher than the initially estimated ROL 35 bln level, as a result to putting into operation new installations and to the International oil price increase.

“Our accomplishments regarding raw profit, amounting to ROL 600 bln, are mainly the result of putting into operation two installation, earlier than expected. At the same time, export prices have increased a lot, supported by the oil prices increase, also causing a higher price for derived products,” stated Vasile Mandica, Economic Manager for Oltchim.

Company’s income and expense budget (BVC) afferent to 2005 and approved by shareholders at the end of last week, includes reaching a raw profit of ROL 582 bln. “Next year we are counting on keeping the same ascendant trend for export prices or on their constant evolution as opposed to this year’s fourth trimester,” said Mandica.

According to company's calculations for 2005, the incomes will reach ROL 15,255 bln (approximately EUR 380 M) while expenses will amount to ROL 14,673 bln. Sums obtained from exports will represent more than two thirds from industrial complex’s total income, reaching more than ROL 11,380. The largest part of Oltchim exports are destined to countries in the Middle East, including Turkey and to West-European countries.

Posted by Mihai : 12/21/2004 02:25:00 pm