SIF Muntenia in the black

SIF Muntenia, the last of the financial investment companies (SIF) to post results after the first two months of the year, has reported gross profits of 29.9bn ROL (around 0.8 million euros). Muntenia made the lowest net profits of all the SIFs at 37 ROL/share. The situation at the end of February is still better than in the first month of the year, however, when the company made a loss of more than 100 million ROL (2,700 euros). Company officials were unavailable for comment. At the end of last month SIF Muntenia’s net asset value stood at 7,708 ROL. SIF Muntenia also started 2004 with losses, but managed to catch up over time, posting nearly 11.4 million euros in profits by the end of the year. Representatives of the company said the company’s policy was to begin negotiations for the sale of stakes in the first few months of the year, with remaining transactions to be completed in the second half. Its most important transactions in February included the acquisition of 2% in Biofarm, a company listed on the RASDAQ for which it paid 0.6 million euros. ZF