In 2011, SIF Muntenia reported a pretax profit of RON83.1 million.
The fund estimated total revenues would reach RON108.1 million in 2012, down 45% on the year, driven by lower income from transactions with stock in its portfolio.
More than one third of last year’s revenue came from the sale of a 0.67% stake in bank Banca Comerciala Romana (BCR) to Austria’s Erste Group Bank AG (EBS.RO).
Overall costs are expected to drop to RON32.1 million, from RON113.7 million in 2011. The fund’s projections do not include any potential provisions.
SIF Muntenia’s revenue and expenditure budget is subject to shareholder approval at a meeting due April 11.
At around 15.45 hours Wednesday, SIF Muntenia traded down 0.34% at RON0.74 a share in Bucharest, amid a rising market. (EUR1=RON4.3608)