Druzhba Glassworks to distribute BGN 29 million extraordinary dividend

Druzhba Glassworks to distribute BGN 29 million extraordinary dividend

The shareholders of Bulgaria’s manufacturer of glass bottles and jars Druzhba Glassworks, controlled by Greek peer Yioula Glassworks, voted yesterday extraordinary dividend of BGN 29 million, the company said in a press release published by X3news. Druzhba Glassworks distributed in mid 2010 ordinary dividend BGN 12.7 million, or BGN 0.13 per share net. Last year Druzhba paid out BGN 16.59 million to its shareholders. Within about a year and a half the company has doled out BGN 53 million, which exceeds its net earnings. For the first half of 2010 Druzhba posted a net profit of BGN 7.8 million, versus BGN 7.2 million a year ago, on a revenue of BGN 83.4 million, down 7% on the year. In 2009 the company’s bottom line shrank by a half to BGN 14 million, while revenue dropped 21% to BGN 170 million. Obviously the glass maker will tap its BGN 176 million in equity, of which BGN 124 million from reserves and retained earnings from previous years. The company has two factories in the country- in Sofia and Plovdiv, exporting more than half of its output, chiefly to Balkan markets, such as Serbia, Greece, Turkey, Romania and Macedonia.