9 Nov 2015 17:34

CTC Media decides against paying dividends in Q4

MOSCOW. Nov 9 (Interfax) - The board of directors of CTC Media has decided not to declare a dividend to be paid in the fourth quarter of 2015 "in light of current circumstances," the company said in a press release.

CTC paid no dividends in the second and third quarters. It paid $0.175 per share or a total of about $27.3 million in the first quarter, simultaneously warning that further payments would depend on the market situation, the company's cash requirements and the results of efforts to comply with the law limiting foreign ownership of media outlets.

CTC had $100.3 million in cash and cash equivalents as of September 30, 2015, down from $139.4 million a year earlier.