Wednesday, April 29, 2009

Romania's Transgaz to pay 123 mln lei in dividends

BUCHAREST, April 28 (Reuters) - Romanian gas pipeline operator Transgaz TGNM.BX said on Tuesday it would use more than half of last year's profit to pay dividends.

In a statement sent to the Bucharest Stock Exchage after a general shareholders meeting, Transgaz said it would pay dividends of over 123 million lei ($38 million). According to Reuters calculation, dividends stand at 10.47 lei/share.

The state monopoly posted a net profit of about 239 million lei last year, a 6.5 percent rise from a year before, but it suffered from slowing demand from manufacturers hit by the global financial crisis, especially in the fourth quarter.

Transgaz's shares have been suspended from trading because of the shareholder meeting. ($1=3.239 Lei) (Reporting by Marius Zaharia; Editing by Jon Loades-Carter)

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