No progress for SIFs in April

The five financial investment companies (SIFs) either made low profits or losses last month due to the lack of large share transactions and the low yields from interest rates on monetary placements. Profits recorded by SIFs in their accounts are set to rise over the next few months as they start collecting on the dividends paid out by the companies they holds stakes in. The cumulated profit of SIF Banat-Crisana, SIF Transilvania and SIF Oltenia since the beginning of year was slightly down last month, mainly due to operating expenses. On the other hand, SIF Moldova and SIF Muntenia made a combined 13bn ROL (350,000 euros). The highest profits recorded by the SIFs were made by SIF Oltenia with 180bn ROL (5 million euros). These profits were made on transactions through the Bucharest Stock Exchange during the first quarter and the sale of 0.22% in Mittal Steel Galati (formerly Sidex) from which it collected 2.5 million euros. ZF