Oltchim 4Q 2009 results

The company succeeded to cut down costs thus raw materials expenses fell by 24% to RON 141 mn while utilities (energy and water) expenses dropped by some 4% to RON 71 mn. Personnel and third parties costs were also down by 18% to RON 25.7 mn and RON 36.9 mn respectively. Overall the company achieved to reduce the operating loss to RON 26 mn, a quarter of the loss realized in 4Q 2008. Financial losses also came much better than over the corresponding period of last year at RON 11 mn, compared with RON 99 mn, thus the net loss for the quarter stood at RON 37.4 mn, against RON 206 mn in 4Q 2008. In 2009 Oltchim posted sales of RON 1.1 bn, 45% lower yoy and a net loss of RON 210 mn, 10% lower yoy.