Russia Raspadskaya coal to pay $0.075 2006 dividend

Russia Raspadskaya coal to pay $0.075 2006 dividend

The board of Russian coking coal miner Raspadskaya recommended a dividend of 1.94 roubles ($0.075) per share for 2006, Raspadskaya said on Friday.

“The board of directors recommended paying out 50 percent of net income in 2006,” a Raspadskaya statement said.

Raspadskaya, part-owned by steel maker Evraz Group , posted a 33 percent drop in net profit to $110 million last year despite record production, as prices for its coal declined.

The company, which raised $317 million becoming Russia’s first publicly listed coal firm in November, said it aimed to increase raw coal output by about 20 percent this year and that profits would recover as prices had since bounced back.

The ex-dividend date was set at April 27, 2007, it said in a statement. The annual general meeting of shareholders was scheduled for June 15.

Raspadskaya has promised to pay its shareholders at least 25 percent of its consolidated net income made to international financial reporting standards.

Information from: Reuters via

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