The Russia-Mongolia joint venture Mongolrostsvetment has declared dividends on its 2008 profits. This is the first time since its inception 35 yeas ago that the company will distribute dividends among shareholders.

A board meeting on Wednesday set apart MNT1.4 billion for payment of the dividend. The company gave MNT8.4 billion to the state budget last year and then posted a profit of MNT3.9 billion.
The company has been in the red in the last few years. It lost MNT2.7 billion in 2004, and MNT2.3 billion in 2005. It also had MNT12 billion in debts.  Efficient management has helped the company overcome its troubles even amidst the financial crisis.

 

Source: en.news.mn

Apr 3, 2009