CTC Media approves next tranche of 2012 dividends at $20 mln
MOSCOW. Aug 7. (Interfax) - The board of directors of media holding CTC Media has approved the second tranche of this year's dividend payouts at $0.13 per share, or a total of about $20 million.
The list of shareholders with the right to receive dividends will be compiled on September 1, and dividends will be paid out by September 28, the company said in a statement.
CTC Media previously approved three tranches of dividends of similar size. The rest of the payouts should be made in the fourth quarter.
This year, CTC Media plans to pay out $80 million of its profit to shareholders in the form of dividends. That is 37.5% less than a year earlier ($130 million), since this year the company has boosted investments in programming and business development.
The company's net cash position as of the end of Q2 was $124.2 million, compared to $129.5 million a year earlier. As of June 30, the company was debt free.
CTC Media manages the TV channels CTC, Domashny and Perets, as well as TV channels in Kazakhstan and Moldova, the international channel CTC International, the Internet portals Videomore and Domashny, and a production company.
The company's largest shareholder is Swedish media holding Modern Times Group (38.19%), and a blocking stake (25.17%) belongs to Cyprus-based Telcrest Investments Ltd., which belongs to National Media Group, Rossiya Bank, Surgutneftegas and Itera . CTC Media's stock is traded on the New York Stock Exchange.
