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Tuesday, May 6, 2008

Retail chain Magma to pay EUR 1.32mn dividends from 2007 profit.





Retail chain Magma to pay EUR 1.32mn dividends from 2007 profit. The retail chain Magma announced that the general meeting approved on Apr 30 the proposal of management of the company to pay HRK 2 dividend per share from the last year net profit. The total amount of dividend payments was HRK 9.6mn (EUR 1.32mn). The net profit of the chain amounted to HRK 40.1mn in 2007. According to the general meeting’s decision Magma will retain HRK 26.12mn of its net profit, while HRK 2mn would be allocated as legal reserves. As recalled, Magma reported a net loss of HRK 10.07mn in Q1. The total revenues of the chain rose by 23% y/y to HRK 183.50mn in Q1. The company also issued its sixth tranche of commercial papers for the total amount of HRK 50mn (EUR 6.9mn) on Apr 18 and listed them on the Zagreb Stock Exchange.              


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