Fondul Proprietatea had a record profit of RON1.064 billion in the first half of the year, then declined by RON50 million in July, RON6 million in August and RON26 million in September.
In January-October 2013, Fondul Proprietatea posted a profit of RON541.4 million.
The fund’s net assets stood at RON14.22 billion (EUR3.22 billion) end-October, down from RON14.7 billion end-September, the fund said in a report to the Bucharest Stock Exchange Thursday. At the end of 2013, the fund had assets of RON15.013 billion.
The fund’s net asset per share, of RON1.2068, dropped 3% from September but rose 4,3% compared to October last year. At the most recent price of RON0.949 a share, FP stock is trading at a discount of 21,4%.
The company’s circulating assets, mainly listed stock , state paper and bank deposits, dropped to RON8.03 billion from RON8.52 billion end-September, but increased from RON6.87 billion in October last year.
FP’s listed stock portfolio dropped in October to RON6.84 billion, from RON7.29 billion in September. A year ago, these assets totaled RON6 billion.
Fondul Proprietatea also posted its nine-month earnings Thursday, stating its revenues rose 84% in January-September, to RON1.7 billion from RON924.6 million in the same period last year. Revenues from stake sales more than tripled in the analyzed period, from RON248 million to RON979 million.
IN the first nine months of 2014, FP sold its stakes in Erste Group Bank (EBS.RO), Raiffeisen Bank, Resib (RESI.RO), Turdapan (TUSB.RO), Transelectrica (TEL.RO), Transilvania-Com and Severnav (SEVE.RO), as well as part of its stakes in Romgaz (SNG.RO), Oil Terminal (OIL.RO) and Primcom.
FP’s expenses rose from RON389.4 million in the first nine months of 2013 to RON690.9 million in the same period this year, largely due to costs associated with stake sales.
The Fund had a profit of RON984.5 million (EUR221.3 million) in the first nine months, from RON535.2 million in the same period last year.
Fondul Proprietatea is a closed-ended investment fund set up in 2005 to compensate owners whose properties were abusively confiscated by the communist regime. It was listed on the Bucharest Stock Exchange in January 2011.