Russia's Wimm-Bill-Dann drops dividend for 2007
MOSCOW, May 21 (Reuters) - Russia's top dairy producer Wimm-Bill-Dann (WBD) (WBD.N) (WBDF.MM) said on Wednesday its board of directors had recommended not paying a dividend from its 2007 net profit, unlike in 2006.
"We have never made a decision to pay dividends. 2006 was an exeptional year, very successful for the company. This year we believe it is much more important to invest profits in development," Marina Kagan, a member of WBD'S board, told Reuters.
The company earned 977.5 million roubles ($41.28 million) in net profit last year under Russian Accounting Standards which are used to calculate dividends. (Reporting by Maria Plis; Writing by Maria Kiselyova; Editing by Greg Mahlich)
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