Fondul Proprietatea in Romania turns profitable in first quarter

Investment fund Fondul Proprietatea in Romania made a net profit of EUR 3.3 million in the first quarter of this year, after a loss of around EUR 5.4 million in the first quarter of 2010, according to a report sent to the Bucharest Stock Exchange, where its shares are floating. The fund's revenues stood at EUR 7.8 million, an increase compared to around EUR 4.7 million in Q1 of last year. Fondul Proprietatea, under the management of Franklin Templeton, managed to halve its expenses, to EUR 4.3 million. The fund has recently received the National Securities Commission’s ok to invest in securities traded on the New York Stock Exchange (NYSE). Fondul Proprietatea was created in 2005 as a joint stock company with a special purpose to provide compensation to the persons whose real estate assets have been confiscated abusively by the Romanian state during the communist regime and who can no longer receive restitution in kind. editor@romania-insider.com