SIF Transilvania announced that it has ended the first semester of this year with a net profit of 67.803 million lei, down 24.6% over last year's similar period, when it reported a net profit of 89,976 million lei.

During the reviewed period, the company had revenues of 90.918 million lei, down 38.36%, whereas the expenses fell 75.56%, to 10.487 million lei. On June 30th, 2012, SIF 3 had receivables to collect amounting to 4.019 million lei and debts coming due within a year of 41.443 million lei.

The company owns and operates an investment portfolio consisting mostly of shares in listed and unlisted companies. The total assets of the company amount to 1.46 billion lei, and the net assets amount to 1.418 billion lei (as of March 31st 2012).

For 2012, SIF Transilvania has forecasted a budget of 89 million lei, two times less than last year, of 207.7 million lei, achieved through the sale of its stake in BCR to Erste, according to the Revenue and Expense Budget of the company which was approved by the shareholders in spring.

For this year, SIF Transilvania has budgeted total revenues of 162 million lei, half of the amount of 325.8 million lei reached last year. The difference between the financial ratios recorded last year and the far lower estimates for this year stems first and foremost from the money received by SIF Transilvania for the shares of BCR sold last year to Erste. In exchange for 6% of the shares of BCR, the investment company was paid 123.6 million lei in cash and close to 1% of the shares of Erste.

OVIDIU VRÂNCEANU (Translated by Cosmin Ghidoveanu) SIF Transilvania announced that it has ended the first semester of this year with a net profit of 67.803 million lei, down 24.6% over last year's similar period, when it reported a net profit of 89,976 million lei.

During the reviewed period, the company had revenues of 9