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MVM to pay remaining dividend in August

State-owned Hungarian Electricity Works (MVM) will pay a total of HUF 35.1 billion in dividend on 2009, of which it had paid out HUF 20 billion as advance dividend last year, MVM told MTI on Tuesday.

MVM said it would pay the remaining HUF 15.1 billion into the central budget starting in August 2010.

MVM had unconsolidated after-tax profit of HUF 36.73 billion in 2009, MVM spokesman Ágoston Tringer told MTI.

MVM's AGM approved a consolidated profit and loss statement showing after-tax profit of HUF 60.81 billion in 2009. The consolidated balance sheet showed total assets of HUF 814.7 billion on December 31, 2009.

The AGM approved the 2010 business plan as well as projections for the next two business years, and it updated the mid-term business strategy.

A key part of MVM's strategy is to make sure its operation is sufficiently transparent and profitable to meet investor expectations even for a listed company, said CEO Imre Mártha. (An earlier government plan to list MVM and some other state-owned companies had been taken off the agenda.) An important task for the company is to strengthen its presence on the domestic market, first of all by continuing investments to develop its power-generating portfolio, he added.

The AGM confirmed that its transmission system operator MAVIR would continue to operate independently, in line with European Union-wide deregulation.

The AGM was informed of the situation of MVM's investments and its power plant projects. (MTI-ECONEWS)