Transneft to lift dividends
Wire services
Russian pipeline monopoly Transneft will recommend paying total dividends of
1.15 billion roubles ($48.4 million) on last year’s profits, 40% more than
the previous year, a Russian newspaper said today.
Vedomosti business daily cited two unnamed sources close to the company's
board as saying the management's recommendation was made at a board meeting
yesterday.
The board is expected to approve the recommendation at its meeting on 26 May
with shareholders to hold final vote on the issue at the company's annual
general meeting later this year. Vedomosti said Transneft would pay 28.6% of
net profit under the Russian Accounting Standards in dividends. The company,
which has not yet disclosed its full-year profit for last year, declined to
comment, reported Reuters.
Owners of preferred shares in Transneft will receive 10% of net profit to
Russian Accounting Standards, the newspaper said, quoting a report by
Interfax news agency.
Transneft posted net profit of 45.94 billion roubles ($1.93 billion) in the
first nine months of last year, calculated to International Financial
Reporting Standards, down 9.7% from the same period of 2006.
07 May 2008 07:43 GMT
| last updated:
07 May 2008 08:20 GMT
Latest jobs
