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SIF Moldova counts 1.9m lei small profit last year owing to provisions imposed by market watchdog

One of the five financial companies in Romania, SIF Moldova (SIF2), said its net profit last year was below estimates, at 1.9 million lei after the market watchdog CNVM forced investment companies to register assets depreciation in the balance.

These new regulations of CNVM had a negative impact on the SIFs profits in the current economic downturn which cost the capital market a 90 percent year-on-year fall in 2008.

In 2007, SIF Moldova booked a net profit of 65.57 million lei. The company set up provisions and amortizations for last year of 130.68 million lei, which annulled the chance of registering an annual hike in profit.

Revenues climbed 41 percent from 2007 to 172.44 million lei, but spending soared three times to 166.17 million lei. Net assets lost 46.4 percent to 957.92 million lei.

Shares are listed at the first tier of the Bucharest Stock Exchange. The company's share capital stands at 51.91 million lei divided into 519.09 million shares, at a face value of 0.10 lei.

SIF Moldova has a market value of 211.78 million lei, corresponding to a trading price of 0.408 lei settled today.

 

Sursa: http://www.newsin.ro

Tags: million sif market profit moldova

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