The refinery Astra Romana recorded in the first quarter of 2016 a gross loss of 1.57 million lei, almost 20% (19.85%) higher than the one reported in the same period last year, according to a report posted on the website of the Bucharest Stock Exchange.

The company’s revenue during that period, fell to 603.772 lei, declining by 52.94%, while the total expenditures reached 2.18 million lei, decreasing by 15.83%, also show the data of the company, according to Bursa.

Total revenues are 100% operating revenues, while the expenses incurred in this period reflect the need for the maintenance of the installations under conservation, strictly necessary current expenditures for wages and taxes, states the document.

It informs that the total assets of Astra Romana refinery experienced a decline of 2.16%, from 124.23 million lei, value reported in the first half of 2015, to 121.55 million lei in 2016, while total debts increased by 2.23%, from 39.5 million lei, to 40.38 million lei.

On June 2nd, 2014, the shareholders of the Astra Romana refinery “have decided to open the general insolvency proceedings of the society. On June 23rd, 2014, the Prahova Court accepted the application filed by S.C. Rafinaria “Astra Romana”, allowing the opening of the general procedure of insolvency, shows the document from the Astra Romanian refinery.

The company is owned by Kreyton Limited, with a share of 48%, and Kalata Investments LTD, with a percentage of 41.66%.

Founded in 1880, the Astra Romana refinery was privatized in 1997 to Interagro, a company owned by Ioan Niculae.