The five financial investment companies made 109bn ROL (more than $3 million) profit in August, so that their eight-month profits amount to 1,276bn ROL ($30 million).
August can be regarded as one of the best months for the financial investment companies this year, particularly because most of the dividends they collected had been entered in the revenue chapter since June and July.
The highest profit last month was that posted by SIF Transilvania, 53.3bn ROL. This is actually the top money-maker of the five SIFs this year, as its profit up to date reaches 322bn ROL and is also the only one that has managed to exceed its full-year target eight months through the year. Its late August profit was 15% higher than the amount set in the S&R budget. SIF Transilvania’s most important transaction was the sale of a $2.4 million stake in Turism Transilvania to Unita Turism. The price was 30,929 ROL/share, above the 25,000 ROL par value.
The shares, however, had been recorded in the SIF’s accounting books as worth much less than the par value, because the company had distributed four bonus shares for each share held in 2001.
SIF Moldova, the laggard of the five in terms of profit this year, has managed to significantly improve this indicator last month. Its net profit had come to total 160bn ROL eight months through the year, 19bn ROL more than at the end of July.
“The bulk of the profit made last month was due to the sale of our stake in Comixt Moinesti,” Alexandru Matei, SIF Moldova chairman said.
The SIF got 21bn ROL for the controlling interests in the retail company. The other three SIFs logged profits worth 7 to 21bn ROL. NAV’s average growth from the previous month was of 0.6%.
The average discount (compared to the asset value) the SIF shares were trading at in late August had reached almost 69%. vlad.nicolaescu@zf.ro