(story to be published in tomorrow's issue, March 6)
Fortuna Bucuresti General Assembly of Shareholders that met on February 28, approved the revenue and expenditure budget of the company for this year, which stipulates a net profit of 10.5 billion lei for a turnover of 116.3 billion lei, although the company's financial results for last year had not been analysed yet. "Final financial data of the company's activity throughout 1999 will be approved only after the General Assembly of Shareholders to take place on April especially to this end," Tania ?uinea, head of Fortuna's shareholding department, told Ziarul Financiar. Fortuna officials refused to disclose the level estimated for the financial results on last year. Fortuna shares over the first part of this year took an increasing trend based on the investors' expectations for good financial results, the average appreciation of February amounting to over 135 percent. This year's budget also includes total revenues of 126.33 billion lei and total expenditures 115.83 billion lei. The same assembly approved the new structure of shareholding, which includes the State Ownership Fund with a stake of 54.96 percent of the shares and Muntenia Financial Investment Company with 39.20 percent of the capital, the rest of the shares being divided among the shareholders resulted from the mass privatisation programme - 5.97 percent, the former manager of the company - 0.05 percent and small shareholders. The company has a share capital of 37.29 billion lei, divided into shares with a nominal value of 25,000 lei. Net profit posted by the company over 1998 was 2.27 billion lei for a turnover of 46.99 billion lei. Net dividend the company granted at that time was 181.05 lei/share.
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