SIF Moldova last month made profit worth 343bn ROL (12m euros), close to the value of profit derived last year, as one of the biggest deals in the company''s history overlapped with the beginning of payments of dividends from companies in the portfolio. The cumulated profit the company reported for the first five months of the year thus reached 494bn ROL (13.6m euros), as compared to 457bn ROL (11.2m euros) over the entire last year.
The three financial investment companies (SIF) to have released financial results at the end of May have also reported profits last month of around 180bn ROL (5 million euros), most of which came from dividends collected. SIF Moldova last month sold 67.7% of Cometex Suceava company, which owns several commercial spaces in the city. SIF received 5.2 million euros for the stake, of which no less than 5 million euros accounted for profit.
Besides the profit derived from the sale of Cometex, SIF Moldova has also derived gains over recent months from the sale of some minority stakes in several smaller companies in the textile industry.
Of the five SIFs, Moldova has the lowest investments in equity, as a percentage of the total portfolio, with the government bonds and banking deposits of the company totalling 1,736bn ROL (47.8 million euros), over one quarter of its net assets. After the first five months, SIF Moldova has by far the biggest profit among SIFs, with earnings posted by the company equalling 953 ROL/share. The second position is held by SIF Oltenia with 636 ROL/share, while SIF Muntenia is the laggard of the five with 332 ROL/share.
The value of dividends collected by SIFs last month stands at about 5 million euros, seeing as the SIFs got some 7 million euros in dividends from BCR and BRD alone this year. The SIFs are therefore expected to record considerable profits in their accounting books over the following months, as well. Except for more important deals, such as the sale of Cometex, dividends collected from banks are the most important source of revenues for SIFs.
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