Fondul Proprietatea saw a global profit worth 1.68 billion lei (rd 355 million euro) in the first half of 2019, up by 113 per cent versus the profit registered in the similar period of 2018, which parked at 789.8 million lei, according to the unaudited IFRS financial results released on Wednesday by the Bucharest Stock Exchange (BVB).The profit before tax (PBT) was 1.69 billion lei.
The operational activity net incomes were worth 1.73 billion lei in the H1 2019, more than double vs those recorded in the H1 2018, which parked at 838.1 million lei.
The FP own capital at 30 June 2019 clustered 10.73 billion lei, up by 9.2 per cent compared to the value at 31 December 2018 which was worth 9.83 billion lei.
January through June 2019, the Fund sold its entire participation worth 2.4 per cent in BRD Groupe Societe Generale SA, for as much as 200.9 million lei.
"The Fund has a significant exposure to the oil, natural gas and energy companies, hence its efficiency and liquidity will be correlated with these industries' achievements. These risk factors have also affected the Fund's activity during the six-month comparative period that came to its end on 30 June," the report adds.
Fondul Proprietatea was fathered on 28 December 2005 as a joint-stock company, operating as a closed type investment company. Starting with 25 January 2011, the shares of the FP are traded on the BVB.