Loss For Soda Ash Producer

Romanian soda ash manufacturer Govora Soda Plants (USG) said its loss tripled year-on-year to EUR 9.95M in the first half of 2008. On the other hand, the company's turnover rose by 39% year-on-year to EUR 24.03M in the first 6m of 2008. USG said it expects to post a profit within the next 2y, after it closed 2007 with a net loss of EUR 19.83. The company aims to boost its annual output from 260,000/t in 2007 to 530,000/t in 2008, and to increase it further to 530,000/t by 2010. USG invested about EUR 10M in 2007 to acquire new technology equipment. 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%.