7 Jun 2018 18:01

Moscow United Electricity Distribution Co to pay half 2017 IFRS earnings as dividends

MOSCOW. June 7 (Interfax) - Shareholders in Moscow United Electricity Distribution Company (MOESK) voted at their annual meeting to accept a dividend of 0.03163 rubles per share for 2017, an Interfax correspondent reported from the meeting.

The total payout will be 1.54 billion rubles. MOESK closed 2017 with a net profit of 2.67 billion rubles to Russian Accounting Standards and 3.08 billion rubles to International Financial Reporting Standards (IFRS), so the board is proposing to pay out almost 58% of RAS profit or 50% of IFRS profit.

CEO Pyotr Sinyutin said at the AGM that 6.5 billion rubles in RAS net profit was being targeted this year.

MOESK serves consumers in Moscow and the surrounding Moscow region. Rosseti owns 50.9% of shares, OJSC OEK-Finance has 5.05%, Gazprombank - 4.5% and CJSC Lider - 17.29%.