Will Broker Cluj pay cash dividends in 2009?

 

The brokerage firm posted RON 3.35 mln (some €920,000) in net profit at the end of last month. However, company officials say they cannot guarantee they will end 2009 in the black, in spite of earnings two months before year-end.

October was the hardest month for the Bucharest Stock Exchange (BVB), with financial investment companies (SIF) losing an average 60 percent, and the BET index of the ten most liquid companies, plunged 30 percent.

Since the company was listed, its profit was distributed as free shares every year and 2009 could be the first one in which the company pays dividends in cash.

“I have no control over what will happen in the end, there are other members of the Board of Directors who will vote. But, if we end the year in the black, I will propose to pay dividends in cash,” said Petru Prunea, Chairman of Broker Cluj. The company’s market value reached yesterday some €10 mln, while company shares last traded for RON 0.134 (€0.034) per share.