Transgaz sale takes Fondul Proprietatea profit up 20 pc

Fondul Proprietatea (FP) ended year 2013 with a net profit of RON 682 M (EUR 153 M), 20 pc higher than the previous year, according to the net asset balance at the end of December 2013, sent to the stock exchange. The profit of FP advanced by RON 137 M in December alone, when the fund sold its 15 pc stake in the gas transport company Transgaz Medias (TGN) against RON 303.5 M. The fund had the shares registered at an acquisition cost smaller than the 172 RON/unit that was achieved in the sale, as Transgaz was not listed when the fund was founded and the shares were evaluated at the accounting value. The net assets of FP increased by 1.1 pc in 2013, to RON 15.15 bln. On the other hand, the value of the unitary net asset (VUAN) advanced by 9.4 pc after the completion of the repurchasing programme through which the fund bought own shares on the stock exchange at a price under the value of the unitary net asset. FP shares closed last year with a 51.7 pc increase, while the total yield that includes the dividend was 59.1 pc. In the opening Wednesday, FP shares stagnated at a price of RON 0.829. The fund has a capitalisation of RON 11.42 bln (EUR 2.52 bln). At the end of December, the Fund had investments in state bonds worth RON 213.63 M, 53 pc under the RON 454.73 M registered at the end of the previous year.

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