Aeroflot may spend 20% of profit on 2011 dividends - paper
MOSCOW. May 17 (Interfax) - Aeroflot may spend 20% of net profit to Russian Accounting Standards on its 2011 dividends, Vedomosti and Kommersant newspapers reported citing the office of acting first deputy prime minister Igor Shuvalov, who held a meeting on this matter on Wednesday.
Aeroflot management recommended shareholders receive 10%-12% of net profit and the Transport Ministry supported this position.
The airline obtained net profit to RAS of 10.4 billion rubles in 2011, down 14% on 2010. If shareholders on June 25 approve the recommendations discussed at the government meeting, the company will pay 2.08 billion rubles (1.87 rubles per share, compared to 1.08 rubles for 2010).
Aeroflot as a state company will put another 3% of profit into the Skolkovo Endowment Fund, Vedomosti said.
The Russian flag carrier's base airport Sheremetyevo (83.04% owned by the government and the rest by Aeroflot, VEB and VTB ) will spend 25% of profit, which was 2.3 billion rubles in 2011, it was decided at the Shuvalov meeting. Thus, shareholders led by Russian Federal State Property Management Agency Rosimuschestvo will obtain 580 million rubles, while the Transport Ministry recommended waiving dividends, Kommersant and Vedomosti reported.