May 11, 2020 / 7:00 AM / 20 days ago

Konecranes cuts payout plan, citing pandemic

May 11 (Reuters) - Finnish engineering firm Konecranes cut its dividend proposal on Monday, citing the unprecedented situation and uncertainty related to the pandemic and its impact on its future business.

Konecranes said it would pay a 0.65 euro dividend for 2019 results, and it will ask a shareholders meeting to authorise the board to decide on an additional 0.55 euros per share payout.

It had earlier announced a 1.20 euro dividend for 2019 results.

Analysts’ average expectation was for a 1.04 euro dividend, according to Refinitiv data.

Reporting by Tarmo Virki in Tallinn, editing by Louise Heavens

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