March 2, 2020 / 8:36 AM / a month ago

BRIEF-United International Enterprises FY Pre-tax Profit Up At USD 121.1 Mln

March 2 (Reuters) - United International Enterprises Ltd :

* FY REVENUE $283.6 MILLION VERSUS $323.5 MILLION YEAR AGO

* FY PRETAX PROFIT USD 121.1 MILLION VERSUS USD 107.5 MILLION YEAR GO

* BOARD OF DIRECTORS HAS RESOLVED TO RECOMMEND A DIVIDEND OF USD 5.00 PER SHARE FOR FINANCIAL YEAR 2019

* THE BOARD RECOMMENDS AN EXTRAORDINARY DIVIDEND OF USD 5.00 PER SHARE IN REFLECTION OF THE COMPANY’S STRONG LIQUIDITY.

* WITH THE ECONOMIC IMPACT OF THE COVID-19 VIRUS YET TO BE PROPERLY UNDERSTOOD, UIE IS CURRENTLY ANTICIPATING A SUBSTANTIALLY LOWER NET PROFIT IN 2020

* WHILST UP IS EXPECTING A HIGHER NET PROFIT, THE DECLINE IN GLOBAL EQUITY MARKETS HAS CAUSED THE CURRENT FAIR VALUE CHANGE OF THE INVESTMENT IN SCHÖRLING TO BE NEGATIVE, COMPARED TO THE POSITIVE CHANGE OF USD 33.6 MILLION IN 2019

* CONSEQUENCES OF THE COVID-19 MAY ALSO RESULT IN A CHANGE IN THE OTHERWISE BULLISH SCENARIO WHEN LOOKING AT THE CURRENT SUPPLY AND DEMAND SIDE OF VEGETABLE OILS

* DEMAND MAY BE SIGNIFICANTLY IMPACTED, ESPECIALLY FROM CHINA Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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