The board of OAO Baltika Breweries, Russia's largest beermaker, plans to increase annual dividends 62 percent after the company posted a record profit.
The board voted to increase the payout to 39.50 rubles a share ($1.52) from 24.33 rubles in 2005, the company said in a regulatory filing on e-disclosure.ru today.
Baltika, which is jointly owned by Carlsberg A/S (CARLA) and Scottish & Newcastle Plc, said this month net income rose 42 percent to 330.9 million euros ($442 million) in 2006 after it acquired three smaller rivals. The takeovers of brewers Pikra, Vena and Yarpivo, which make national brands in various Russian regions, helped Baltika reduce distribution costs.
To contact the reporter on this story: Bradley Cook in Moscow at firstname.lastname@example.org.
To contact the editor responsible for this story: Malcolm Fried in Amsterdam at email@example.com