BUCHAREST (Romania), August 31 (SeeNews) - Romanian property restitution fund Fondul Proprietatea [BSE:FP] said on Monday it booked a net profit of 1.8 billion lei ($430 million/365 million euro) in the six months through June, compared to a net loss of 848 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 half of 2021, which had a positive impact of 243.8 million lei, Fondul Proprietatea said in a filing to the Bucharest Stock Exchange, BVB.
Net profit was also boosted by an increase in the value of unlisted holdings in the fund's portfolio following the valuation update process. This was mainly due to hydro power producer Hidroelectrica, which registered a 909.7 million lei increase in valuation.
Gross dividend income amounted to 655.1 milion lei in the first half 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 11.428 billion lei at the end of June 2021 from 11.14 billion lei a year earlier.
Fondul Proprietatea's current market capitalisation stands at 13.16 billion lei.
At the end of June, the fund's portfolio was composed of holdings in 32 companies - six listed and 26 unlisted - a combination of privately held and state-controlled entities.
The largest unlisted holding is Hidroelectrica, which represents 52.8% of the fund's NAV, while the largest listed holding company is OMV Petrom, accounting for 14.74% 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 0.11% lower at 1.8240 lei by 1238 CET on Tuesday on the BVB. OMV Petrom shares changed hands 2.83% lower at 0.4470 lei by 1240 CET, whereas Nuclearelectrica traded 0.17% lower at 30 lei by 1235 CET. Alro shares traded 1.39% lower at 2.84 lei by 1136 CET on Tuesday, whereas Romaero shares last traded on August 27, closing at 36.6 lei.
(1 euro =4.9348 Romanian lei)