Romania`s Proprietatea Fund hikes nine-month profit to lei 655m, after selling the CEZ stakes
Romania’s Proprietatea Fund, created to pay damages to people whose properties were seized during the communist regime,reported a preliminary net gain of 655 million lei for the first nine months, due to the selling of CEZ stakes, and estimates to see the annual profit boost 48 percent year-on-year.
The company aims to reach 690 million lei profit at year-end.
It initially anticipated a net gain of 212.4 million lei for the whole 2009, but expectations increased after selling the stakes owned in CEZ Distributie, CEZ Vanzare and CEZ Servicii for 546.7 million lei.
At the end of September, Proprietatea Fund had liquidities of 2.1 billion lei, of which 2.03 billion lei in bank deposits at 13 lenders and 74.2 million lei in state securities. About 43 percent of the bank deposits were in lei and the rest in euro.
The Fund booked a net profit of 424.8 million lei after the first nine months last year, 40 percent up from the similar interval in 2007. It reported a net gain of 467.7 million lei in 2008, after a 50 percent yearly hike.
Proprietatea Fund was created in 2005 and has a share capital of 14.24 billion lei.