SIF Banat-Crisana profit drops 38% in Q1

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The net profit of the SIF Banat-Crisana financial investment company dropped 38 percent in the first quarter, to RON 3.3 million (€913,000), compared to gains worth RON 5.4 mln (€1.4 mln) for the same period in 2007. The company is estimating a 15.3 percent drop in net profit for the whole of the year, to RON 104 mln €28 mln).
 
The revenues posted by SIF Banat-Crisana in Q1 increased 2.6 percent, to RON 12.1 mln (€3.3 mln) from RON 11.8 mln (€3.2 mln) in Q1 2007, while expenditures rose 42 percent to RON 8.3 mln (€2.2 mln) from RON 5.8 mln (€1.5 mln) in that same period.
 
The company has a capital worth RON 54.8 mln (€14.8 mln), made up of 548.8 million shares, with a nominal value of RON 0.1. Shares ended the May 12 stock exchange session at RON 2.33, down 5.67 percent, registering the highest loss of shares of the five SIFs.
 
The stock market dropped 25.5 percent in Q1 2008, subject to the harshest correction ever in the first quarter since the exchange was established in 1995, due to a decline of shares on international markets, a trend provoked by the US mortgage crisis.
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