Romanian investment fund Fondul Proprietatea recorded a net profit of some EUR 117 million (RON 514 million) in the first half of 2013, a year-on-year decrease of some 10 percent, while its revenues from current activity went up 3 percent, to around EUR 222 million (RON 874 million).

Fondul Proprietatea’s revenues from financial assets went down to EUR 137 million (RON 604 million), and “represent dividend income earned from the Fund’s portfolio companies, mainly from OMV Petrom - RON 319 million, Romgaz - RON 158.9 million and Transgaz - RON 37.6 million,” reads the fund’s report.

The fund’s expenses from current activity also went up to some EUR 82 million (RON 360 million).

As of June 30, Fondul Proprietatea’s portfolio included holdings in 66 companies, 24 listed and 42 unlisted. The fund’s portfolio is focused on the power, oil and gas sectors – around 89.5 percent of its net assets. The biggest unlisted company in its portfolio is Hidroelectrica, while the biggest listed company where Fondul Proprietatea owns shares is OMV Petrom.

On June 30, 2013, Fondul Proprietatea had 8,228 shareholders.

Fondul Proprietatea was established by the Romanian Government in 2005 and eligible claimants who lost property under former communist governments were awarded shares in the Fund in lieu of compensation.

The fund posted a profit of EUR 127 million in 2012, an increase of 4.2 percent on the year before, and is listed on the Bucharest Stock Exchange since January 2011.

Irina Popescu, irina.popescu@romania-insider.com