(story to be published in tomorrow's issue, March 22)
Muntenia Financial Investment Company, according to the report of the Management Board, last year posted net profit of 120.48 billion lei, and gross profit of 147.59 billion lei. Over this period, the company registered total revenues worth 232.18 billion lei and total expenditures of 84.59 billion lei. Moreover, SIF Muntenia pledged to grant dividends worth 170 lei/share, confirming forecasts the company's management announced in February. SIF Muntenia at the end of last year had a share capital of 628.48 billion lei divided into shares with a nominal value of 1,000 lei. The total number of investors who held shares issued by SIF Muntenia, at the same date was 9.94 million. In 1999 the value of the company's total assets increased from 1,678.9 billion lei to 1,969.9 billion lei, which corresponds to an increase rate of 19 percent. The structure of SIF Muntenia assets at the end of last year was dominated by investments in unlisted companies - 60 percent, their total value amounting to 1,20.41 billion lei. The rest of holdings with a significant weight in the portfolio of SIF Muntenia were constituted by shares traded on the Bucharest Stock Market and on Rasdaq market (19 percent), banking deposits and other shares issued by the banking companies (5.6 percent). The portfolio of shares traded on the stock markets was managed, according to the same report, in unfavourable conditions against the background of a significant decrease of the gross domestic product and of the industrial output., an evolution correlated with the Romanian capital market's crisis. However, the report mentions, although the number of traded companies in the portfolio decreased from 291 to 233, the market value of the portfolio increased from 364.4 billion lei to 391.8 billion lei. At the end of last year, 85.31 percent of the total number of traded shares were shares listed on Rasdaq, 14.68 percent were shares listed on one of the two tiers of the Bucharest Stock Market and only 0.01 percent were unlisted shares, but traded under the Bucharest Stock Market system. Last year, the company continued to restructure its portfolio, the most important position being filled by companies operating in the field of financial activities, banking and insurance activities, representing 33 percent of the net asset followed by holdings in agriculture and farming that represent 16.8 percent of the net asset. Muntenia Financial Investment Company operates in the field of banks and insurance and is specialised in financial investments.
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