SIF Oltenia 1Q Net Profit Drops 87.6% To RON0.74M

05.13.2011 By Andrei Circhelan

Romanian investment fund SIF Oltenia (SIF5.RO) on Friday reported a net profit of 738,000 lei (EUR180,000) in January to March, down 87.6% from RON5.9 million in the same period of 2010.

Revenue dropped 70.2% on the year, to RON7.1 million, while expenditure narrowed by 62.8% to RON6.2 million.

Net assets increased by 5.8% in the first quarter, to RON1.648 billion, from RON1.557 billion.

For this year, the company expects a net profit similar to 2010's result, namely RON81 million, while revenue is seen up 26%, to RON212.2 million. Expenditure is seen up 55%, to RON122.7 million, mainly because of the investment planned.

SIF Oltenia shares closed up 2.6% Friday, to RON1.421. (EUR1=RON4.106)