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UPDATE 1-Bogdanka plans dividend after net beats expectations
March 20, 2012 / 7:42 AM / 6 years ago

UPDATE 1-Bogdanka plans dividend after net beats expectations

* Bogdanka 2011 net $71 mln vs $66 mln expected

* Offers to pay $22 mln in dividend (Adds more detail, analyst comment)

WARSAW, March 20 (Reuters) - Polish coal miner Bogdanka said it planned to pay a dividend after reporting 2011 net proft fell less than the market expected.

The group plans said it to pay out 68 million zlotys ($22 million), or 2 zlotys per share. Last year, its shareholders, led by local pension funds, pressured management, into a 1.4 zlotys dividend.

“You can see that shareholders want a dividend and this proposal addresses these needs,” Tomasz Duda, analyst at the Warsaw-based Ipopema Securities said.

Bogdanka’s chief executive Miroslaw Taras told Reuters two weeks ago the group planned to implement a regular dividend policy.

Bogdanka’s full year profit slid 4 percent to 221 million zlotys, above analyst forecasts of 206 million.

The group upheld its plans to raise output to 11.5 million tonnes annually by 2014. The miner began extraction from a new deposit in November and expects 2012 capacity to reach nearly 8 million tonnes compared to 5.84 million in 2011.

Bogdanka’s share price gained 24 percent year to date versus an 8 percent increase of the country’s large-cap index WIG20 . ($1=3.1045 Polish zlotys) (Reporting by Maciej Onoszko and Agnieszka Barteczko; Editing by Mike Nesbit)

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