Etalon Group intends to pay dividends of $0.03 per share for H1
ST. PETERSBURG. Nov 14 (Interfax) - Etalon Group is planning to pay interim dividends for H1 2016 in the amount of $0.03 per share, the company said in a statement.
It is expected that dividend payments will amount to 43% of consolidated net profit for H1.
Etalan Group President and CEO Vyacheslav Zarenkov was cited in the statement as saying that the plans to pay interim dividends was attributable to the fact that the company is in a stable financial condition.
The register of shareholders for the receipt of dividends will be closed as at November 25, dividends should be paid on December 13.
It was reported that in the spring of 2016 the group's board of directors confirmed its dividend policy, according to which the company will allocate 30%-50% of net profit to International Financial Reporting Standards (IFRS) toward dividends.
The new policy will come into force starting with Etalon Group's financial results to IFRS for H1 2016.
According to the earlier dividend policy, the company paid 15%-30% of IFRS net profit in the form of dividends.
In H1 2016 Etalon Group posted net profit to IFRS of 1.3 billion rubles, which is 41% lower than in the same period of last year.
It was reported earlier that Etalon Group's dividends for 2015 amounted to $0.08 per share, of which $0.03 were payments per share for H1 2015, $0.05 for H2 2015.
Housing and commercial developer Etalon Group, whose lead company is LenSpetsSMU from St. Petersburg, is one of the biggest construction enterprises in northwestern Russia. Zarenkov, founder and CEO and members of his family are the chief beneficiaries.
