Irkutskenergo boosts profit, to slash dividends
MOSCOW. April 28 (Interfax) - Irkutskenergo boosted net profit to Russian Accounting Standards (RAS) 150% in 2010 to 9.46 billion rubles, the power company said.
The company also said it intended to reduce dividends: the board has recommended that shareholders accept a dividend of 0.1164 rubles a share for 2010, 38.7% less than for 2009.
The company will use 6.23 billion rubles of last year's net profit to top up working capital, 1.53 billion rubles for innovation, 1.02 billion rubles for investment, 554.86 million rubles for dividends, 125 million rubles for social programs and 6 million rubles as remuneration for directors.
Sales revenue rose 34.8% in 2009 to 52.4 billion rubles.
The AGM is scheduled for June 24 and the register closes on May 6.
Irkutskenergo is one of Russia's biggest energy and coal companies, with 12.9 gigawatt of generating capacity and 14.9 million tonnes of coalmining capacity.
EuroSibEnergo, a member of the En+ Group, which runs the power sector assets of Oleg Deripaska's Basic Element, controls Irkutskenergo. The state owns 40% of the shares.