SIF Transilvania posts 23.8m-euro profit in Q1

SIF Transilvania (SIF3) reported net income worth 23.8m lei (5.8m euros) for the first quarter of the year, 14% higher than the level budgeted for this period, reads the company’s quarterly report.

Total revenues hit 59m lei. In the first quarter of 2010, SIF Transilvania had posted 3.56m lei losses against 4.3m lei total revenues.

SIF3 was much more active on the Bucharest Stock Exchange in the first three months of this year, completing a series of major transactions. The company, run by Mihai Fercală, sold around 1.92m BRD shares (0.18% in the bank’s capital) and around 28 million FP shares, namely 0.2% in capital, collecting in approximately 45m lei from these transactions, according to ZF calculations based on the detailed portfolio situation on March 31.

On the other hand, SIF3 bought significant stakes in OMV Petrom (SNP), Transgaz (TGN), Transelectrica (TEL), Biofarm (BIO) and BVB in the first quarter.