Koltsovo Invest makes no profit in 2009

Koltsovo-Invest’s only stockholder decided at the annual general meeting to pass the dividend for 2008. BDO Unicon was chosen as the company’s auditor for 2009, with Evgeniy Khamatdinov as Koltsovo-Invest’s inspector.

VUZ-Bank (Life Financial Group’s asset) BOD decided not to distribute any profit for the year 2009 because no profit whatsoever was actually made last year. The bank’s Board of Directors suggested that the shareholders also decide not to pay any dividends for 2009 at the AGM. The final decision will be taken and the annual general meeting on May 21, 2010.

‘The profit Koltsovo airport of Yekaterinburg made allows them to invest in the airport reconstruction as planned and to declare dividends. This impressive result must stem from the renovations that have already been introduced and from the increased passenger turnover as well as from the airport’s more expensive services. Investing more in the airport reconstruction right now appears to be impossible, as the company has already come up with a certain plan and investment schedules. Even if more money is invested, things won’t get done faster, there are some objective limitations for this.

It was reported at VSMPO-Avisma’s annual general meeting that the company’s net profit decreased by 15.3 times in the year 2009 compared with the year 2008, that is, down to 175 million RUR. Besides, the corporation’s production output dropped by 26.5%. The company’s stockholders decided that the dividend for the year 2009 should amount to 1.5 RUR per share, whereas a year earlier, the per-share dividend came to 23.14 RUR.

Fulgate Consultant Limited acquired 25% plus one share of Koltsovo Invest that was formerly owned by Sverdlovsk Region and then offered for sale. Coincidentally, Fulgate Consultant Limited used to own a 6.58% shareholding of Koltsovo airport of Yekaterinburg.