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RFV shareholders vote to put profit into reserves

Shareholders of energy-efficiency company RFV approved a proposal to place all 2009 profit into reserves, paying no dividend, at an annual general meeting on Friday.

The management said it wanted to use the profit to support the company's continued development, the restructuring of its financing and its expansion onto foreign markets.

RFV had consolidated IFRS profit of HUF 806 million in 2009, according to the audited P+L statement approved by shareholders.

Earnings per share came to HUF 334 in 2009, up from HUF 140 in 2008.

RFV had total assets of HUF 6.8 billion no December 31, 2009.

RFV shares closed at HUF 5,950 on Friday, nearly triple the price twelve months earlier.

RFV chairman Csaba Soós owns 40.95% of shares, deputy-chairman József László Makra owns 21.27%. OTP Alapkezelő, the fund manager of Hungary's biggest commercial bank, holds 15.48%, and AEGON's fund manager in Hungary owns 6.04%. (MTI-Econews)