Proprietatea Fund posts record profit worth euro87m

Proprietatea Fund ended the first half of the year with a record net profit of 319 million RON (87 million euros), above the 313 million-RON reported for the whole of last year, after six-month revenues accounted for 80% of those derived in 2007, according to the fund’s general manager, Daniela Lulache. The fund holds stakes in all major companies in the energy sector, which include Petrom, Transgaz and Transelectrica, whilst dividends collected by the three companies brought in 70% of total revenues worth 337 million RON in the first half of the year. Its 20% stake in Petrom alone brought the fund over 64% of its total revenues, while its Transgaz and Transelectrica shares fetched 17 million RON and 3.5 million RON respectively. Dividend earnings mainly fuelled the revenues of Proprietatea Fund in the first half of the year, with lower earnings expected for the second half of the year.