English
Oltchim Ramnicu Valcea has decided not to pay out dividends for 2006, as the profit will be redirected to legal reserves and some of the money will be used to cover the company"s losses between 2001 and 2003, which amounted to 336,33 million RON.
Last year Oltchim reported a net profit of 11 million RON, down by 55,4% compared to 2005. The company posted 1,729 billion RON in turnover, up 20% year-on-year. In the Extraordinary General Meeting held on Friday, shareholders approved the contracting of a 8,5 million EUR loan from Banca Transilvania. Shareholders also approved the income and expense budget for the current year, which foresees total revenues of 2,04 billion RON, expenses of 2,03 billion RON and a net profit of 13 million RON.
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