SIF Banat-Crisana 1Q Net Profit Down To RON0.3M

05.06.2011 By Andrei Circhelan

Romanian regional investment fund SIF Banat-Crisana (SIF1.RO) Friday reported a first-quarter net profit of 302,000 lei (some EUR74,000), much less than RON4.6 million in the same interval of 2010.

Revenue dropped 2% on the year, to RON18.2 million, but expenditure rose 37%, to RON17.9 million.

The increase in expenditure came mostly from the sale of stock and registry updates with the removal of liquidated companies, the fund noted in its financial report. Thus, in the first quarter, financial investment costs rose 54%, to RON12.4 million.

For this year, the fund expects a net profit of RON26.9 million, down 57% from RON63 million in 2010.

Revenue is expected to decrease 35%, to RON73.8 million, while expenditure is seen down 9%, to RON43.9 million.

The net value of SIF Banat-Crisana assets rose between January and March by 2.5%, to RON1.395 billion.

The fund's shares were trading at RON1.256 early-Friday, down 0.48% on the day. (EUR1=RON4.1065)