Croatias Dioki cons net loss narrows 18.9% y/y in Jan-Sept.

By bne IntelliNews November 5, 2012
Croatian petrochemical company Dioki reported a consolidated net loss of HRK 183.8mn (EUR 24.4mn) in the first nine months of 2012, down from a loss of HRK 226.7mn a year earlier, the company said in a filing with the Zagreb Stock Exchange. Diokis consolidated revenue fell by 94.6% on the year to HRK 61.6mn, pushed down by a 99.5% decrease in sales to HRK 5.4mn. The consolidated expenditures declined 82% on the year to HRK 245.5mn. At end-October, Dioki decided to close down four of its plants after being unable to solve year-long problems with raw material supply and work capital financing. The group has shut down its Ethylene, Polyethylene and Chemicals plants, where production had been suspended for a year due to the lack of raw materials and the inability to find an alternative solution to the challenge. In addition, Dioki has failed to secure the financing of working capital at the fourth plant, EPSIK. The group has started talks with an unnamed strategic part on restarting production at Polyethylene. The partner in question, in case an agreement is reached, is also interested in the EPSIK plant. According to Dioki, if the negotiations are successful, production at EPSIK could be re-launched in 2014 after the implementation of necessary investment.

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