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TVK board to propose payment of no dividend on loss-making year

The board of TVK, a unit of Hungarian oil and gas company MOL, will propose to shareholders payment of no dividend on 2011, a loss-making year for the chemicals company, at an annual general meeting on April 17, the AGM agenda published Tuesday show.

TVK had a net loss of HUF 11.3 billion in 2011, according to the company's consolidated, audited profit and loss statement.

At an AGM a year earlier, MOL rejected the board's proposal to pay no dividend on 2010, another loss-making year, and took close to HUF 2 billion out of the company.