SIF Muntenia, the last of the five financial investment companies to have posted mid-year results, made 9.7 million RON (nearly 2.7 million euro) profit in June.
The better part of this profit comes from the dividends collected from Banca Comerciala Romana and Banca Romana pentru Dezvoltare, the largest banks in the system, in which SIF Muntenia owns 6% and 5.26% respectively.
The cumulated profit posted by SIF Muntenia in the first six months of the year amounts to 36.5 million RON (some 10 million euros), more than double the figures in the same time last year.
After all, except for SIF Transilvania, all the other financial investment companies logged much better results in the first six months compared with the corresponding period of 2004.
SIF Oltenia made the highest six-month profit of all the five financial investment companies, 53.5 million RON (14.6 million euros), about 90% more than last year.
SIF Muntenia, however, had the lowest earnings per share six months into the year, approximately 0.0453 RON. The main reason for this low value is that SIF Muntenia has the largest number of shares of all the five companies. SIF Moldova is the top performer here, with 0,0952 RON/share, followed by SIF Oltenia, 0,0923 RON/share.
SIF Muntenia''s net asset value had reached 0,819 RON at the end of June. Net assets are thought to be in excess of 183 million euros at the moment, some 25% higher than at the beginning of the year. Besides the stakes in the two largest banks in the system, SIF Muntenia also owns 12% in drug maker Sicomed Bucharest and 19.3% in Chimopar Bucharest, with further interests in 87 companies listed on RASDAQ and over 100 unlisted companies.
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