November 15 (SeeNews) - Romanian property restitution fund Fondul Proprietatea [BSE:FP] said on Monday it booked a net profit of 3.097 billion lei ($716 million/ 626 million euro) in the nine months through September, compared to a net loss of 726.4 million lei in the like period of 2020.
The main contributor to the profit was the net unrealised gain from equity investments at fair value through profit or loss, generated by the rising price of OMV Petrom's [BSE:SNP] shares during the first nine months of 2021, which had a positive impact of 370.6 million lei, Fondul Proprietatea said in a filing to the Bucharest Stock Exchange, BVB.
An increase in the value of unlisted holdings in the fund's portfolio following the valuation update process also boosted net profit. This was mainly due to hydro power producer Hidroelectrica, which registered a 2.104 billion lei increase in valuation.
Gross dividend income amounted to 655.1 million lei in the first nine months of the year, mainly coming from Hidroelectrica (456 million lei) and OMV Petrom (122.8 million lei).
The fund's net asset value (NAV) rose to 12.264 billion lei at the end of September 2021 from 9.909 billion lei a year earlier.
Fondul Proprietatea's current market capitalisation stands at 13.16 billion lei.
At the end of September, the fund's portfolio was composed of holdings in 32 companies - six listed and 26 unlisted, a combination of privately held and state-controlled enterprises.
The largest unlisted holding is Hidroelectrica, which represents 59% of the fund's NAV, while the largest listed holding company is OMV Petrom, accounting for 14.8% of the NAV.
The fund also holds stakes in gas supply group Engie Romania, salt producer Salrom, Maritime Ports Administration SA Constanta, electricity producer Nuclearelectrica [BSE:SNN], aluminum producer Alro [BSE:ALR] and aerospace company Romaero [BSE:RORX].
Fondul Proprietatea's shares traded 1.56% higher at 1.8260 lei by 1407 CET on Monday on the BVB. OMV Petrom shares changed hands 1.33% higher at 0.4955 lei by 1240 CET, whereas Nuclearelectrica traded 0.23% higher at 43.9 lei by 1403 CET. Alro shares traded 0.73% lower at 2.72 lei by 1353 CET on Monday, whereas Romaero shares last traded on November 8, closing at 36.8 lei.
(1 euro =4.9489 Romanian lei)
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