For the first nine months of 2008, earnings amounted to €112.2 million, 41 percent higher year-on-year. The fund posted €121.2 million worth of business. Most of the turnover was made from dividends and interest rates. Expenses amounted to €6.9 million, of which 60 percent were due to losses from exchange rate fluctuations.
The fund has a portfolio of 88 Romanian companies and cash, totaling some €4 billion. Its main shareholder is the state, through the Ministry of Economy and Finance, with 85 percent of the stock, while the remaining 15 percent is owned by individuals.
At the end of September, Fondul Proprietatea’s liquidity amounted to €245.9 million, of which some €35.3 mln were invested in treasury bonds last month. The fund is to increase the ratio of state share placements, given they are safer during the global crisis, according to General Manager Daniela Lulache. The remaining funds are placed in bank deposits.
