Romania: Estimated profit of over RON 44 million for Oltenia Energy Complex

Oltenia Energy Complex estimates profit of over RON 44 million in January and approximately RON 200 million in 2017, denying the insolvency rumors.

The company thus answers to the statements of Nicoleta Munteanu, partner of insolvency company Euro Insol, who said that „in the following period we’ll see even big companies that will enter insolvency. It’s about Tarom, Posta Romana and Oltenia Energy Complex, according to the financial statement submitted at the Finance Ministry.”

Oltenia Energy Complex, owned by the Energy Ministry by 77.15 percent and by Fondul Proprietatea by 21.55 percent, shows in its statements that it exceeded the financial performance category D up to the performance category A.

„According to the report, the company registered approximately RON 325 million profit in the first six months of 2017, zero debts compared with the state’s budget plan and paid all the financial debts to suppliers and banking institutions, according to the contracts,” states the release.