SIF Transilvania reported net profit of 207.7 million lei (EUR49 million) in 2011, over threefold higher on the year, while SIF Moldova’s net profit more than doubled to RON191.5 million.
The two funds sold their entire stakes in BCR to Erste, following an agreement signed late last year. They each received RON123.6 million in cash and around 1% in Erste stock in exchange for stakes of 6% in BCR.
SIF Transilvania had net assets worth RON1.3 billion at the end of 2011, down 11.6% on the year, while SIF Moldova posted a 5% decline in its assets to RON1.09 billion.
Peer fund SIF Oltenia (SIF5.RO) reported a net profit of RON83.6 million in 2011, up 3% from RON81.1 million in the previous year. The fund had net assets of RON1.42 billion in December, down 9% on the year.
SIF Muntenia (SIF4.RO) said its net profit fell 10% on the year to RON65.3 million in 2011, while net assets decreased 12% to RON1.417 billion.
The fifth and last regional fund, SIF Banat-Crisana (SIF1.RO) posted net profit of RON66 million in 2011, up 5% from RON63 million a year earlier. The fund’s assets fell 4.7% on the year to RON1.29 billion. (EUR1=RON4.3322)