Hungary’s central clearing-house KELER decided at its Wednesday AGM to pay no dividend on its 2008 net profit of HUF 922.2 million (€3.26 million), the company announced on Wednesday.
KELER said it would place the company’s 2008 profit into reserves after utilizing its entire 2007 post-tax profit of HUF 2.09 billion to pay shareholder dividends. 2008 is the first year without a dividend payment since 2001.
The company generated pre-tax profit of HUF 1.25 billion and post-tax profit of HUF 1.02 billion in 2008, both down 56% from the previous year.
Pre-tax profit fell HUF 835 million or 60% short of plans as profit from financial operations fell to HUF 781 million, little more than one third of its level in 2007 and just 49% of the plan.
Revenue from services fell 3% to HUF 4.26 billion. Keler saved 2.4% on operating expenses compared to plans but they still rose 8.4% from 2007 to 3.85 billion.
The AGM renewed the mandate of bords except for one expiring member on the board of directors and two on the supervisory board. Csaba Lantos was elected as chairman of the board and György Dudás was renewed as CEO for another three years.
The National Bank of Hungary owns 53.33% of KELER, while the Budapest Stock Exchange owns the remaining 46.67%. (MTI-Econews)