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Linamar doubles profit in 2005

The board of Hungarian farm machinery and vehicle parts maker Linamar Rt will propose no dividend be paid out on last year's profits at an annual shareholders' meeting scheduled for March 24, Linamar announced on the website of the Budapest Stock Exchange (BÉT) on Thursday. Linamar's annual report will be submitted for shareholder approval at the meeting, as will amendments to the articles of incorporation. Appointments will also be made to the supervisory board. Linamar's preliminary profit and loss statement for 2005 shows after-tax profit of Ft 1.19 billion, more than twice as much as in 2004. The company's earning per share was Ft 139 in 2005 compared to Ft 63 in 2004. Sales revenue rose 15.6% to Ft 23.95 billion in 2005. Linamar is 58.6% owned by Linamar Corporation.