Petromidia and Banca Transilvania are the first major issuers on the Bucharest Stock Exchange that will reveal their first-half financials.
The petroleum company disappointed investors in Q1 by reporting substantial losses. Banca Transilvania managed to confirm the expectations of the market, posting fast-paced growth in terms of profits and assets.
Estimates about whether Rompetrol Rafinare (Petromidia) will manage to step into the black at the end of the first half or not vary greatly, partly because, as some analysts say, the financial operations conducted by this company in the past have had a decisive influence on profits.
Most analysts on the Stock Exchange who provided estimates to ZIARUL FINANCIAR about the results Petromidia will announce believe that although the company will have a better second quarter than the first, it will not fully offset the 59.7m RON (16.1m euros) losses of the first three months.
Analysts' estimates for losses vary from 11.97m RON (3.4m euros) provided by Broker Cluj, number four among brokers on the BSE in H1, to 28-42m RON provided by Estinvest, 22nd among brokers. Intercapital Invest believes losses will stand at 39.28m RON (11.09m euros) and Confident Invest, number 25, sees 26m RON (7.34m euros).
Raiffeisen Capital & Investment (2nd) and Swiss Capital (8th) think Petromidia will post profit worth 75m RON (21.2m euros) under the IFRS, which is historically different from Romanian accounting standards and 1-5m RON respectively.
As for Banca Transilvania, brokers say that the steady rise in its stock quote on the market can only be explained by investor confidence in the bank's capability to maintain its fast-paced development.
Most analysts expect it to report higher six-month profits than in the same time in 2005, though growth pace will be slower than in Q1
Net profit forecasts range from 56-57m RON (15.8-16.1m euros), provided by Swiss Capital and 67m RON (18.9m euros) provided by Confident Invest.
Swiss Capital analysts specified their estimates did not take into account the possible expenses incurred by the bank with repurchasing shares to sell to its employees at a low price, in case they were registered in the accounting books in the first half.
Banca Transilvania had made 52m RON (14.2m euros) net profit in the first half in 2005.
Its profit in the first quarter of 2006 stood at 27.36m RON (7.4m euros), 31% higher than in the same time of 2005.
Other analysts see it making net profit of 57m RON (Equity Invest), 61m RON (Estinvest) 62m RON (Broker Cluj), 64.67m RON (Intercapital Invest) and 65m RON (Raiffeisen Capital & Investment). All estimates were provided with the Romanian accounting standards in mind.
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