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Romania's Property Fund 2013 net profit rises 20% to EUR 153mn

February 16, 2014

The net profit of Romania's restitution fund Fondul Proprietatea [Property Fund] increased by 20.3% to RON 682mn [EUR 153mn] in 2013, according to the preliminary annual results published by the fund's manager, Franklin Templeton.

Total shareholders' equity was RON 11bn at the end of 2013, down 6.9% y/y.

Notably, the discount at which the Fund's shares were traded on the market, versus the Net Assets Value (NAV), narrowed to 33% at the end of 2013 from 51.7% a year earlier, Franklin Templeton stressed in the report. The Fund reported a NAV of RON 15bn at the end of 2013.

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Source: IntelliNews - Weekly Reports

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