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May 18, 2023 14:33 EEST
May 18 (SeeNews) - Romanian property restitution fund Fondul Proprietatea [BSE:FP] said that it recorded a net loss of 11.5 million lei ($2.5 million/2.3 million euro) during the first three months of the year, compared to a net profit of 826 million lei in the like period of 2022.
The fund's operating income plummeted to 13.6 million lei over the first quarter of the year, compared to 859.8 million lei in the first quarter of 2022, Fondul Proprietatea said in a financial report filed with the Bucharest Stock Exchange on Friday.
The fund recorded a net decrease in equity investments of 584.7 million lei during the first quarter, caused by the reclassification of Enel holdings as non-current assets held for sale, following the agreement between the fund and Greece's Public Power Corporation (PPC).
As of end-March, the fund's adjusted net asset value (NAV) stood at 14.01 billion lei. The NAV per share was 0.62% higher year-on-year during January-March than the value recorded in the like period of last year, reaching 2.57 lei.
Fondul Proprietatea's current market capitalisation stands at 12.65 billion lei.
At the end of March, the fund's portfolio was composed of holdings in 31 companies - five listed and 26 unlisted - a combination of privately held and state-controlled entities. The largest unlisted holding is Hidroelectrica, which represents 79.6% of the fund's NAV, while the largest listed holding company is aluminium producer Alro [BSE:ALR], accounting for 0.9% 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], and aerospace company Romaero [BSE:RORX].
Fondul Proprietatea's shares traded flat at 2.0350 lei by 1255 CET on Thursday on the Bucharest bourse.
Alro's shares traded 0.6% lower at 1.67 lei as of 1244 CET, whereas Nuclearelectrica's shares traded 0.41% higher at 49.1 lei as of 1303 CET.
Romaero's shares traded 0.83% higher at 24.2 lei as of 1211 CET on Thursday.
(1 euro=4.97262 lei)
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