Net profits registered a spectacular leap in the second quarter, to a total of RON 1.2 bln (€284.6 mln), double the level posted in the first quarter of 2009. More than half of this amount is made up of surging profits of financial investment companies (SIF), after four of these sold their Bancpost share packages in June. Excluding the SIFs, the profits of the rest of the listed companies rose eight percent in Q2 compared to the first quarter.
“Most companies decided to restructure [their business] in Q1, and in Q2 these started to influence results in a positive way. In the first three months, there was also psychological blockage, with almost all investment plans on hold, and most managers adopting a wait-and-see attitude in their relations with their suppliers and clients,” the Head of the Capital Market Analysis Department of Banca Comerciala Romana, Mihai Caruntu, said.
For the second half of this year, analysts expect profits to continue their upward trend, as companies finalize their adjustment to new market conditions. Also, they stress the risk that company shares could become over-valued, in case these continue to rise on the Stock Exchange, far above the profitability indexes of companies.
