Podgorica – based on the preliminary financial reports of HLT fund ended the year 2006 with a profit of 23,7 millions of euros, which is 87% better result than a year before. Market value of the fund is about 55 millions of euros, and it is twice as bigger compared to the one from the 2005.
Director of the HLT fund, Aleksandar Belevic says for “Vijesti” that with achieving of this level of profit the preconditions are made for coverage of a great loss from previous years.
He said that the total accumulated uncovered loss in business of 50, 94 millions is now reduced to a figure of 27, 1 million. These losses are a result of difference between bookkeeping and market value of stocks. Belevic reminded that HLT last year in consortium with HTE Primorje from Tivat has bough hotel Planinka on Zabljak. Recently fund became the owner of the Center for rest, recreation, and healing Igalo. According to the words of Belevic, on two Montenegrin and on markets in the region, HLT has had in the year 2006 a turnover of about 9 millions of euros.
– We have been buying the stocks of various companies, which had growth, such as Plantaze, Atlasmont bank, Telekom, KAP as well as the stocks of the companies in the region. We can say that the year 2006 was the most successful for HLT since its foundation – pointed out Belevic.
HLT at the moment has about 44.000 of stockholders, and their number is twice as smaller compared to the number that we had when the bond privatization ended.
Fund last year invested about 6,6 millions of euros in real estates.
– In Podgorica on an open competition for the sale of military immobile property we bough the land on the north part of the ex military premises “Moraca”, about 20.000 square meters, in Kotor land of about 12.000 square meters, and in Herceg Novi also land of about 4.000 square meters. We have estimated that the market of the real estate will mark extremely big growth, and that the demand of the investors in the following period will be very high because of the fact that Montenegro has become an independent state. Very short past period and exquisite price book on the real estate market which continues to grow during the year 2007 has shown that our estimations were correct – stressed the director of HLT.
HLT has a major and more significant ownership in hotel enterprises Onogost from Niksic and Primorje from Tivat, then in Montenegropromet and Mjesovito.
– The majority of those enterprises were in an extremely difficult situation and they needed an active approach to management. On our initiative in those companies manager teams were changed, they have been restructures, inner potentials have been activated and the market position improved. Joined nominator for all companies in which HLT has major ownership participation is the need for big deposits and investments, considering the fact that those are capitally intensive businesses (hotel keeping and trade). It is sure that we are not sitting put, and waiting what the future will bring us. Our relationship is very active, we have clear goals, and we are expecting that in the following period we will in best way protect and enlarge the funds of HLT, for the pleasure of all stock holders – pointed out Belevic.
HLT owns significant ownership shares in Budva Riviera, Bar Harbor, and “Lovcen osiguranje” (LOVCEN INSURANCE).
– In managing the fund we think that we are very transparent, and that through regular communication with the surrounding though media and Internet, we are objectively informing both stockholders and potential investors about the business and results of the work of the fund – concluded Belevic.
THEY ARE NOT KEEPING THE FREE MONEY
Belevic said that HLT is not keeping the free money in bank accounts, nor does it apply the business policy of waiting.
– All free money funds which fund makes through the active purchase on markets, are immediately being put in some other investments, investment policy does not allow us to keep the money funds or to make fixed – term deposits in banks. The reason is very simple, we think that we have the knowledge and capability so that we can earn more than from the possible earnings on passive interest rates of the banks – exp