31 May 2004 12:44
PETMOL TO PAY DIVIDENDS ON PREFERRED SHARES ONLY
ST. PETERSBURG. May 31 (Interfax) - Shareholders of dairy company Petmol decided at their annual shareholders meeting
on Saturday to approve dividends for 2003 of 0.1 rubles only on preferred shares with a par value of 1 ruble, the
company's senior Deputy General Director Sergei Polyakov told Interfax.
Petmol also only paid out dividends of 0.1 rubles for preferred shares in 2002.
BDO UniconRuf was approved as the auditor for 2004.
Petmol increased its net profits 260% to 98.968 million rubles in
Polyakov said the shareholders elected a nine-member board of directors, made up of six representatives of Planeta
Group and three representatives of Petmol.
2003 by increasing sales and halting production of low-profit products.
In November 2003, all Planeta assets were placed under the
management of Millhouse Capital, which was registered by Sibneft
Petmol boosted its sales revenues to 2.295 billion rubles in 2003, up 23.8% from 2002. The cost of goods sold rose
21.4% to 1.937 billion rubles. Profit before tax increased to 126.09 million rubles, or by almost 220%.
Petmol saw its accounts receivable rise to 220.107 million rubles on January 1, 2004 from 157,964 million rubles on
January 1, 2003, and its accounts payable increased to 115.961 million rubles from 106.664 million rubles. Petmol
boosted output in value 12% to 140,000 tonnes and plans to increase production 9% in 2004 to 152,000 tonnes.
Petmol and 11 other dairy plants are part of Unimilk, a subdivision of the Planeta group, which also includes
Ukraine's biggest factory Galakton, Samaralakto, Lipetsk Moloko, and Milko, which is in Krasnoyarsk. The group had
a turnover of more than $250 million in 2003.
shareholders in London in 2001.
[Interfax] |
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