Romanian investment fund Fondul Proprietatea almost doubled its nine-month profit, to some EUR 127 million, the fund has announced. The profit growth came despite the loss reported for the third quarter of this year – EUR 2.3 million. Its results fluctuated throughout the year, after a profit of around EUR 3.4 million in the first quarter and a profit of EUR 125 million in the second quarter.

The results were influenced by the revenues from dividends from the companies where Fondul Proprietatea owns shares. In Romania, companies usually declare dividends in the second quarter of the year, which explains the lack of revenues from dividends in the third quarter of the year, according to the fund's report.

The fund's net assets reached EUR 3.4 billion at the end of September this year, down 9.9 percent compared to the end of June this year.

“The fund's investments objective is the long term appreciation of the capital through investments in shares and financial instruments based on Romanian shares,” according to the fund. Investment in shares represented 96 percent of the total net assets of the fund, with shareholdings in 77 companies – private ones and companies controlled by the state.

The fund's portfolio is focused on the electrical energy sector, oil and natural gas – around 88 percent of its net assets.

The biggest unlisted company in its portfolio of shares is Hidroelectrica, while the biggest listed company where Fondul Proprietatea owns shares is OMV Petrom. Read the full report issued today here.

Fondul Proprietatea is listed on the Bucharest Stock Exchange, symbol FP.  The fund's manager is Franklin Templeton.

Corina Saceanu, corina@romania-insider.com