Oltchim closes Q1 on losses, but targets profit by the end of 2008

The turnover increased slightly, by 3.47 percent, to RON 467.49 mln (€130 mln). Oltchim estimates 31 percent increase in turnover in 2008.

The chemical plant estimates profit of RON 9.3 mln (€2.58 mln) in 2008, following RON 95.8 mln (€26.76 mln) in losses registered in 2007.

Oltchim Ramnicu Valcea, one of the last companies still owned by the state, plans to invest €1 billion by 2012 to reduce raw material costs.

In the last trading session on the Bucharest Stock Exchange (BVB), Oltchim shares declined by 3.61 percent. The company's capitalization reached €70.86 mln.