April 26, 2013 / 6:00 PM / 5 years ago

Russia's Rostelecom cuts 2012 dividends

MOSCOW, April 26 (Reuters) - Russian telecoms operator Rostelecom said on Friday its board had recommended an 8.17 billion rouble ($261.5 million) 2012 dividend against around 15 billion roubles for 2011, after deciding to allocate more money to business development.

The state-controlled company plans to pay 4.1 roubles per preferred share and 2.4 roubles per ordinary share, it said in a statement.

The total amount to be paid in 2012 dividends represents 25 percent of Rostelecom’s net profit last year under Russian Accounting Standards, or 23.2 percent of net profit calculated to International standards.

For 2011, it had paid around 46 percent of the yearly net profit in accordance with Russian Accounting Standards and 32.5 percent of net profit under IFRS.

“The Board of Directors supported the management’s initiative to keep a substantial portion of the Company’s net profit for the Company’s development by allocating funds for the use of new technologies and the modernising of network infrastructure to improve the Company’s competitiveness and guarantee Rostelecom’s technological leadership within the shortest timeframe,” board chairman Ivan Rodionov said in the statement. ($1 = 31.2412 Russian roubles) (Writing by Maria Kiselyova; editing by Keiron Henderson)

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