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Oct 30, 2007 18:13 EEST
October 30 (SeeNews) - State-owned Romanian petrochemicals producer Oltchim on Tuesday said its nine-month net profit slumped to 3.37 million lei ($1.454 million/1.0 million euro) from 7.97 million lei a year earlier.
Company officials were not immediately available to comment on the results, which were announced after the company's shares closed on the Bucharest Stock Exchange (BVB) at 1.4 lei, flat on the day.
An extraordinary shareholders' meeting, scheduled for November 15, will discuss cancelling a debt-for-equity swap made in 2003 and plans for a new capital increase, Oltchim said earlier in October.
Oltchim made a 322 million lei debt-for equity swap with the Romanian state in November 2003, without letting minority shareholders participate in the capital hike. The Romanian government has raised its stake in Oltchim to 95.7% from 53% following the capital increase, local media have reported.
Following are details of Oltchim's income statement filed with the BVB (in millions of lei):
Oltchim (www.oltchim.ro) was founded in Ramnicu Valcea, southwestern Romania, in 1966. It employs 4,862.
(1 euro = 3.3418 Romanian lei)
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