In the first quarter of 2011, the fund posted revenue of RON7.1 million and expenses in the amount of RON6.2 million.
The higher revenue resulted in SIF Oltenia ending the quarter with net profit of RON17.1 million (EUR3.9 million), much higher than the result posted in the similar period of last year, RON738,000. The increase in income owed mainly to the sale of stock; the fund sold 0.19% in lender BRD in the first three months, lowering its stake from 4.64% to 4.45%.
SIF Oltenia’s net assets grew in March by 0.9%, but in February by more than 15%. After the first three months of 2012, the company had net assets of RON1.648 billion, from RON1.634 billion in February and RON1.417 billion at the end of 2011.
According to this year’s budget, the fund expects revenue to increase by 18% to RON157.6 million (EUR35.5 million), but the administrators do not rule out selling the SIF’s stake in lender BCR for around EUR40 million.
Net profit is estimated at RON87 million (EUR19.6 million) for this year, 4% more than last year’s profit of RON83.4 million (EUR19.7 million).
On Monday, SIF Oltenia closed down 4.44% at RON1.119. (EUR1=RON4.4373)