The Property Fund ended the first half with unaudited net profit of RON 789.8 million, compared with unaudited net profit of RON 709.3 million for the first semester of 2017, an increase of 11.34 percent.

According to the press release, the main factor contributing to the profit recorded in the first six months of 2018 was the gross dividend income of RON 532.6 million and the net profit attributable to the interests at fair value through profit or a loss of RON 293.9 million, mainly related to OMV Petrom as a result of the positive evolution of the share price of this company during the period, namely RON 195.4 million, a share price increase of 12.1 percent as compared to 31 December 2017.

Equity value was at RON 9.781 billion on June 30, 2018, down by 9.4 percent as compared to December 10, 2017, when it was at RON 10.790 billion.

The Fund reported on June 29, 2018, a net asset value of RON 9.781 billion and a net asset value per share of 1.3294 lei (a positive return on equity per share of 13.1 percent compared to December 31, 2017).

The document also states that during the first six months of 2018, the Fund purchased a total of 1,361,624,192 own shares in the ninth repurchase program, of which 775,318,592 ordinary shares and 586,305,600 shares corresponding ordinary GDRs (global certificates of deposit, No), representing 14.6 percent of total shares issued on December 31, 2017, for a total purchase value, excluding transaction costs, to RON 1.272 billion.

On June 30, 2018, the total number of own shares held by the Fund (including GDRs listed on London Stock Exchange) is 1,454,993,708, with a total nominal value of RON 756,596,728.16  (RON 0.52 per share), that will be proposed for cancellation at the next general shareholders’ meeting.

During the first six months of 2018, the Fund converted 11,650,665 GDRs acquired during the period to 582,533,250 ordinary shares. On June 30, 2018, the Fund held 75,447 GDRs.

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