Romanian soda ash producer Uzinele Sodice Govora (USG) said at the end of November 2006 that its net loss had deepened more than twofold year-on-year to EUR 6.8 million (USD 8.72 million) in the first…
Romanian soda ash producer Uzinele Sodice Govora (USG) said at the end of November 2006 that its net loss had deepened more than twofold year-on-year to EUR 6.8 million (USD 8.72 million) in the first nine months of 2006, due to higher costs for raw materials and utilities. The company“s turnover, however, rose 50% year-on-year to EUR 26.8 million (USD 34.37 million) in the first nine months of 2006. USG, which exports 80% of its annual output to 20 countries worldwide, is controlled 49.8% by utility CET Govora controls, while Bega Com, owned by Romanian investors Marius Cristescu and Emil Cristescu, has 40.4%. USG, which was set up in 1955, is based in Govora in the southwestern county of Valcea. USG widened its net loss by 88% year-on-year to EUR 4.3 million (USD 5.51 million) in the 1H of 2006, while its turnover rose to EUR 17.28 million (USD 22.16 million) from EUR 9.2 million (USD 11.79 million) in the 1H of 2005, it was reported on 11 September 2006.