SIF Muntenia, the top profit maker among the financial investment companies (SIF) after the first two months of the year, registered a decline by 6.5 million RON (1.8 million euros) in net income obtained at the end of March.
The other SIFs that published Q1 figures reported slight income increases in March compared with late February. SIF Muntenia boasts the highest Q1 profit, 51.8 million RON (14.57 million euros), but this is a slight decline compared to the 58.3 million euros in profit registered in late February. SIF Oltenia has not presented the figures for the January-March period.
Both Muntenia and Oltenia derived the largest share of their profit in January as a result of selling their stakes in Sicomed Bucharest to the Czech company Czech Zentiva.
"The lower profit posted at the end of the first quarter compared with the situation in February is due to the company''s current expenditures and also to the registering of the profit tax (in the accounting books) and this happened in the context where we did not seal any deal that could have brought us any substantial revenues," specified Petre Szel, chairman of Muntenia Invest, the company that manages SIF Muntenia. According to him, SIF Muntenia''s current monthly expenditures revolve around 1-1.2 million RON.
Dividends from banks, one of the most important streams of revenue for SIFs, are going to enter their accounts over the following months.
"Starting May, dividends from BCR and BRD will also enter our accounts. I cannot specify their value now, as these banks'' General Meeting of Shareholders are going to approve them, but I believe their value will be high as it was each year.
"We will probably receive a cumulated amount of over 25-30 million RON from the two banks," Szel also said.
The most significant increase in the income of March compared with the late February figure was posted by SIF Banat-Crisana, which last month made an additional 0.47 million RON.
In February, Banat-Crisana derived the highest monthly profits of all SIFs, from the sale of some shares owned in small companies that were part of their portfolio.
After the first quarter, Banat-Crisana posted net income worth 6.57 million RON (1.8 million euros).
SIF Moldova reported an increase in profit by several hundred RON in March, after having derived profits worth 3.75 million RON (1.05 million euros) in the first three months, a rise from the 3.34 million euros at the end of February.
SIF Transilvania, reported the lowest income among SIFs with a gain of 0.17 million RON (0.047 million euros) at the end of February, although this was higher than the reported income of around 34,000 RON registered after the first two months of the year. catalin.ciocan@zf.ro
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