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Romanian financial company SIF Banat-Crisana to see net profit plunge 44% y/y in 2009, to lei 53.6m

SIF Banat-Crisana, one of the five Romanian investment funds also known as SIF, estimates a net profit of 53.57 million lei this year, down 44 percent over the one reported in the year before, following lower incomes, the company announced.

The investment fund recorded a net profit of 95.4 million lei last year.

The budget for 2009, approved two days ago by the company's shareholders, foresees 42 percent smaller incomes to 71.77 million lei, versus 124.52 million lei last year. Expenses will stand near 18.2 million lei this year, lowering by a third compared to the previous year.

The shareholders agreed to pay dividends of 16.46 million lei from last year's profit, meaning only 17 percent of the total amount. The rest of the money will be used as own financing resource.

SIF Banat-Crisana will pay a gross dividend of 0.03 lei per share, two-fold smaller compared to one assigned in 2008 of 0.07 lei. It represents the sharpest cut in the value of dividends paid to shareholders compared to the other SIFs.

The president of fifth lender by assets Banca Transilvania, Horia Ciorcila, was selected administrator of SIF Banat-Crisana at the shareholder meeting on April 25. Five former board members were reelected.

Shares of SIF Banat-Crisana are traded on the first tier of the Bucharest Stock Exchange (BSE) under the symbol SIF1. The company has a share capital of 54.88 million lei, divided into 548.85 million shares, at a face value of 0.10 lei.

The last quotation was settled at 0.84 lei in the April 23 session, corresponding for a capitalization of 461.03 million lei.

 

Sursa: http://www.newsin.ro

Tags: million sif profit banat company crisana

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