USG loss triples Y/Y H1 2008

Romanian soda ash manufacturer Govora Soda Plants (USG) said its loss tripled year-on-year to EUR 9.95 million (USD 14.65 million) in the first half of 2008.
On the other hand, the company“s turnove…

Romanian soda ash manufacturer Govora Soda Plants (USG) said its loss tripled year-on-year to EUR 9.95 million (USD 14.65 million) in the first half of 2008. On the other hand, the company“s turnover rose by 39% year-on-year to EUR 24.03 million (USD 35.37 million) in the first six months of 2008. USG said it expects to post a profit within the next two years, after it closed 2007 with a net loss of EUR 19.83 million (USD 29.18 million). The company aims to boost its annual output from 260,000 tonnes in 2007 to 530,000 tonnes in 2008, and to increase it further to 530,000 tonnes by 2010. USG invested about EUR 10 million (USD 14.72 million) in 2007 to acquire new technology equipment and announced that it plans to invest EUR 14 million (USD 20.6 million) in 2008 to expand its production capacity. The company is controlled by Polish Ciech Chemical Group which has a stake of 92.91%, while the Romanian privatization agency AVAS has 0.68%.