SSIF Broker, the only brokerage firm listed on the Bucharest Stock Exchange, has posted gross profits of 9.31 million RON (2.54 million euros) for the first six months of the year, exceeding budget estimates by more than 50%.
The bulk of the profits (almost 2 million euros) were made in January and February thanks to the market''s strong growth over that period.
The company expects its gross profits to reach 17 million RON (4.65 million euros) this year.
"From the first six months of this year, only two months were good for stock exchange operations, and that is why we are happy with the profit we made. Our activity went well, though we lost one of our best brokers, Grigore Chis. However, the young traders are very well trained and they have managed to offset this loss. We hope things will continue to go well since we still have positions open that can make us money," said Petru Prunea, chairman of SSIF Broker.
Broker''s profits for June amounted to 0.7 million RON (around 0.2 million euros). In the same month Broker sold its 2.4% stake in Biofarm and 0.55% in car parts manufacturer Compa Sibiu (where it still holds 4.2 percent). The company also cashed in dividends and received bonus shares valued at 436,500 RON (120,000 euros).
SSIF Broker is to collect total dividends of 0.72 million RON (0.2 million euros) and bonus shares whose market value will reach some 1.5 million RON (0.42 million euros).
In early July SSIF Broker sold a 4.4% stake in the harbour operator Comvex Constanta in a deal worth 4 million RON (1.1 million euros). This was one of Broker''s biggest stakes.
At the end of June, the company still had significant holdings in Compa Sibiu (car parts), Siretul Pascani (textiles), Mecanica Ceahlau, Saturn Alba Iulia and Romcab Targu-Mures, all of which are listed on the RASDAQ. Broker''s net asset value stands at 1,271 RON.
Despite the company''s good first-half results, the price of Broker shares has remained low.
According to a report sent to the Bucharest Stock Exchange, its annualised PER (price earnings ratio) index is 4.2 - much below the average for other stocks listed on the Stock Exchange. Last Friday one Broker share traded for 2.1 RON.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
