Property Fund profit grew by 25% to RON 210.5 mn in first semester

Incomes grew by 38% to RON 267.74 mn, about 65% of the amount coming from financial immobilization. Incomes from interest rates had a share of 20% of overall incomes, while incomes from exchange rate differences contributed by 15% to incomes obtained by Property Fund.

Expenses from current activity were RON 50,173,359. Expenses with exchange rate differences generated over 80% of total expenses in the analysed period, being about eight times higher than the ones registered in the same period of 2009.

'However, by an adequate management of bank deposits, in the first quarter of 2010 incomes from exchange rate differences – RON 41.10 mn exceeded expenses from exchange rate differences, the latter being RON 40.79 mn', the press release mentions. Property Fund representatives say that in the first half of the year staff expenses were reduced by 50% compared to 2009.