SIF Moldova derived the smallest income of the three financial investment companies (SIF) that reported their final financial figures for the first half of this year, being the only one among SIFs whose income dropped considerably against the first six months of 2005. SIF Transilvania and SIF Oltenia are the other two SIFs to have reported H1 final incomes.

"The financial income was hurt by the execution of SIF Moldova by AVAS for some promissory notes guaranteed by the former FPP II Moldova," reads the half-year report by SIF Moldova.

SIF Moldova in the first half of this year posted revised net income worth 8.38 million euros (29.67 million RON), compared with the previously reported figure of 7.38 million euros (26.15 million RON). Compared with the similar period of last year, though, SIF Moldova saw its income shrink by 38%.

The low level of income was due to the quite small volume of sales SIF Moldova made in the first half of this year. The company's sales revenues amounted to around 3.33 million euros (11.8 million RON), against 6.88 million euros (25.2 million RON) in the corresponding period of last year. Sales revenues account for only 20% of the level budgeted for this year. On the other hand, SIF Moldova in the first six months of this year carried out investments revolving around 8 million euros (28.3 million RON), of which 5.35 million euros (18.9 million RON) accounted for purchases of shares listed on the Stock Exchange.

SIF Moldova's net assets at the end of June stood at around 319 million euros (1.13 billion RON), compared with 176.6 million euros (636.9 million RON) in late June 2005. The net asset value reached 2.1755 RON/share, 77.3% higher compared with last year.

SIF Transilvania for the first six months of this year reported net income worth 10 million euros (35.4 million RON), up 4.3% compared with the same