The board of directors of major rail cargo operator Freight One has recommended the annual general meeting of shareholders to refrain from paying out dividends for 2011, RBC Daily reported, citing a source close to the company’s shareholders. Freight One used to pay out strong dividends. In Q1 and Q2 2011, the cargo operator disbursed RUB 10.26bn (approx. USD 319.83m) in dividends, almost all of its net profit. However, after Russian billionaire Vladimir Lisin purchased 75% minus two shares in Freight One for RUB 125.3bn (approx. USD 3.91bn), the company amended its dividend policy.
In Q3 2011, Freight One generated a RUB 5bn (approx. USD 155.86m) net profit, but refrained from dividends. In H2 2011 the company’s net totaled RUB 10.25bn (approx. USD 319.51m).