Finwest profits soar by 270%

“Some 60-70 percent of Finwest’s profit comes from stock exchange trading fees, and the remainder comes from the company’s financial investments, said its General Manager, Octavian Molnar.

He added that strong financial market growth in 2007 impacted positively on the company’s business. “In 2008, given market conditions, we expect to have at least the same profit as in 2007. For the moment, I am concerned about the current volume [of transactions] on the market,” Molnar said.

Brokers are likely to be affected by lower cash flows and a decline in stock quotations on the Bucharest Stock Exchange (BVB). “February was the worst month recently, but we hope things will improve this March,” Molnar added.

Finwest, based in the northwestern city of Arad, ranks eighth among top local brokers, and plans to list on BVB.