SIF Muntenia Switches To Loss In 1Q On Higher Provisions

05.12.2011 By Florentina Dragu

Romanian investment fund SIF Muntenia (SIF4.RO) Thursday said it switched to loss of 4 million lei (EUR947,000) in the first quarter, from profit a year earlier, due to higher provisions.

In January to March 2010, SIF Muntenia reported a net profit of RON9 million.

SIF Muntenia booked provisions worth RON9.1 million in the first quarter, fourfold higher from RON1.9 million in the corresponding period a year ago.

The fund said total revenue fell 33% on the year to RON11.9 million (EUR2.8 million) in January to March, while overall costs rose 80% to RON15.9 million (EUR3.7 million).

Net assets rose 6.8% to RON1.5 billion.

SIF Muntenia expects pretax profit to fall 22% on the year to RON65 million in 2011.

On the Bucharest bourse Thursday, SIF Muntenia closed down 2.98% at RON0.815 a share. (EUR1=RON4.0997)