Romanian Fondul Proprietatea records profit of EUR 126 mln in the first five months

Romanian investment fund Fondul Proprietatea recorded a net profit of RON 557.1 million (some EUR 126 million) in the first five months of the year, mainly due to dividends from large companies in its portfolio, such as OMV Petrom and Romgaz. The company posted a loss at the end of the first fourth months. Most of the dividends, namely over RON 403 million (around EUR 91 million), come from OMV Petrom and Romgaz, reports local Ziarul Financiar. The value of the company’s net asset also increased to RON 15.2 billion (EUR 3.4 billion), up 3.76 month-on-month, and slightly higher than the value posted at the end of 2013. The fund was created by the Romanian Government in 2005 with the main purpose of compensating the people whose properties were nationalized by the communist regime or their successors. The fund was listed on the Bucharest Stock Exchange in January 2011. Irina Popescu, irina.popescu@romania-insider.com