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Uralvagonzavod to Pass Dividend for 2010

Uralvagonzavod Scientific & Production Corporation decided not to declare any share dividend for the year 2010. 95% of the plant’s last year’s net profit will be directed to covering the expenses accumulated in the previous years, states Rosimuschestvo’s order cited via the corporation’s website.

Uralvagonzavod’s net profit amounted to 5.69bn RUR in 2010, of which 285m RUR is to be placed into the reserve fund and 5.41bn is to be spent on covering the previous years’ losses.

In fact, Uralvagonzavod did not declare any share dividend in the year 2009 as well due to lack of profit.
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