No dividends from Policolor

Paints and enamels maker Policolor Bucharest, one of the leading players on the domestic market, announced at the end of last week that it would not be paying dividends on last year’s profits. The company had net profits of 42.2bn ROL (1.04 million euros), of which 95% will be used to cover the losses caused by the shift to international accounting standards. The rest of the amount will go to the company’s reserves. Policolor’s 2005 budget forecasts 48bn ROL (some 1.3 million euros) for net profits, up 14% in nominal terms on 2004. The company expects operating revenues of 1,058bn ROL (29 million euros), compared with 954bn ROL (23.5 million euros) at the end of last year. Policolor is one of the top three paints and enamels makers in Romania, with sales of around 140 million euros a year, together with Kober Piatra Neamt and Dufa Romania. ZF