By Margit Feher
BUDAPEST--The board of Hungarian oil and gas company MOL Nyrt.
proposed Wednesday to pay a total of 60 billion forints ($269
million) in dividends for 2013, up significantly from the previous
year.
MOL had a net loss of 77.66 billion forints in 2013, compared
with a net profit of 9.24 billion forints a year earlier. Last
year, MOL paid dividends totaling 46 billion forints on 2012
earnings.
The company will pay the 2013 dividend from reserves available
for dividend distribution and book the net loss under retained
earnings.
The proposed 60 billion forint dividend payment will consist of
two parts: 47 billion forints in "current dividends" and 13 billion
forints in special dividends, the company said in a filing with the
Budapest Stock Exchange.
The special dividend will be paid with 25% of the company's
gains realized from divestment of subsidiaries in 2013, which
totaled 52.5 billion forints, the company said.
The company didn't disclose the dividend amount per share.
MOL shareholders may approve the proposal at an annual meeting
April 24.
The Hungarian state holds a 24.6% stake in MOL.
Write to Margit Feher at margit.feher@wsj.com
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