November 17 (SeeNews) - Romanian chemicals producer Chimcomplex Borzesti [BSE:CRC] said that its net profit dropped by 56.9% to 182 million lei ($38.6 million/37 million euro) in the first nine months of 2022, mostly due to higher operating expenses.
Operating expenses increased 23% on the year to 1.67 billion lei on the background of higher purchase prices for raw materials and utilities during January-September 2022, determined by geopolitical factors, Chimcomplex said in a financial statement filed with the Bucharest Stock Exchange on Wednesday.
The company's turnover rose 3% on the year to 1.76 billion lei during January-September, mostly due to an increase in revenues from the resale of electricity, as the selling price reflected the increase in purchase prices.
Sales on the foreign market, especially within the European Union, accounted for 92.49% of total turnover in the review period.
At end-September, Chimcomplex announced it was laying off 396 employees in order to streamline activity and cut costs.
Chimcomplex started trading on the main market of the Bucharest Stock Exchange in January 2022, having moved from the AeRO segment. Currently, the company has a market capitalization of 5.7 billion lei. At end-2021, Chimcomplex employed some 1,919.
Its shares traded 0.53% higher at 18.8 lei by 0917 CET on Thursday, bourse data showed.
(1 euro=4.9209 lei)