Half-year profits in five months for SIF

Four of the financial investment companies (SIF) posted five-month profits far higher than of half of the full-year estimates in their S&R budgets.

The fifth of them, SIF Moldova, lagged behind again and made only 40% of the full-year profit estimated. The brokers, however, say the investors find the info on the law of those companies more and more important. SIF Moldova chairman Alexandru Matei says the dividend-related revenues will best show in the reports at the end of the month. SIF Moldova is currently registering the lowest rate between the earnings per share and the latest Stock Exchange quotes, 8.5%, while the other SIFs see this index at 12% to 14%.

The analysts have also noticed a 25bn ROL decline in SIF Moldova’s commitments not comprised in the balance sheet, which include SIF’s debts to AVAB for the bills of exchange secured by the former Private Ownership Fund. “The decline was due to the ROL/USD exchange rate trend. We’ll make sure to issue a release on the Stock Exchange as soon as we pay what we owe to AVAB,” Matei explained. The Stock Exchange brokers find the results in May to be among the most relevant, because they include the majority of the dividends the SIFs are collecting from the companies wherein they hold stake. May was also the month when banks distributed dividends, but it is yet unclear whether all the five SIFs have fully registered them in their accounting books. SIF Muntenia is the top performer in terms of profit posted since the beginning of the year, as it has made 275bn ROL thus far. vlad.nicolaescu@zf.ro