Broker Cluj budgets 4.5m-euro profit

Broker Cluj, the only brokerage firm listed on the Stock Exchange, has budgeted a gross profit of 16 million RON (4.5 million euros at a 3.5 RON/EUR exchange rate), an increase of 6.7% against the profit witnessed last year. The growth of profit is estimated to be in line with the rate of growth of revenues, with Broker budgeting total revenues standing at 26.12 million RON (7.4 million euros) for 2006 compared to the 24.46 million RON (6.9 million euros) seen in 2005. “We have planned a budget, which can be achieved as our branch network expands and as we move to new medium and long term acquisitions, which will not yield profit right away,” explained Petru Prunea, president of SSIF Broker. The company intends to open at least another 10 branches in the course of this year. The president of Broker says the targeted cities are Suceava, where they want to open another 3 branches, Turnu-Severin, Brasov and Vaslui. The SSIF Broker network, currently has 15 branches and 16 offices. Broker will allocate 10.18% of the 12.95 million RON net profit made in 2005 for investments, with the rest of the profit to be distributed in the form of bonus shares to shareholders registered in the shareholders” registry on April 10. ZF