SIF Transilvania Renews Chief’s Mandate Until 2015

05.09.2011 By Andrei Circhelan

Regional investment fund SIF Transilvania (SIF3.RO) Monday extended by four years, until 2015, the mandate held by managing board president Mihai Fercala as general manager.

Fercala has been at the fund's helm since 1992 and his latest mandate as general manager, valid since 2007, expired on May 2.

SIF Transilvania reported a net profit of 23.78 million lei (EUR5.8 million) for the first quarter, compared to a loss of RON3.56 million in the same interval of 2010.

Revenue jumped, in the first three months of 2011, to RON58.96 million, from RON4.3 million in the year-earlier period, following sales of shares in the fund's portfolio.

Expenditure almost quadrupled, to RON30.68 million, the fund recently said.

The company's management expects a net profit of RON68 million this year, up 1.6% from 2010.

SIF Transilvania shares dropped 1.62% Monday, to RON0.577. (EUR1=RON4.1039)