The company switched to losses starting with January, after it adopted international reporting standards (IFRS).
Thus in January, Fondul Proprietatea registered losses of RON502 million, following reassessment under IFRS. At the end of April, its losses stood at RON304 million.
Romania’s Financial Supervisory Authority (ASF) ordered in May the return to Romanian accounting standards and postponed the adopting of IFRS for January 2016.
The measure triggered the switch from RON304 million losses at the end of April (under IFRS) to a profit of RON371.8 million for Fondul Proprietatea at the end of May (Romanian accounting standards).
In 2014, the fund had a record profit of RON1.012 billion, up 48% from 2013.
Net asset value was at RON12.65 billion (EUR2.83 billion) at the end of June, down 4.4% from RON13.24 billion at the end of December. In June 2014, the net asset value was at RON14.85 billion.
FP’s portfolio of listed stock accounted for 49.57% at the end of June, while its unlisted equity portfolio accounted for 51.19%.
The company is currently valued at RON9.86 billion (EUR2.23 billion).
Fondul Proprietatea is a closed-ended investment fund created in 2005 to compensate people whose properties were seized by the communist regime and could not be returned in kind. The fund was listed on the Bucharest Stock Exchange in January 2011.