Northern Iron Ore increases net income 2.1x y-o-y in 2010

Northern Iron Ore (UX: SGOK UK), part of Metinvest group, reported its 2010 earnings yesterday; the company increased its net income by 2.1x y-o-y to UAH 2.65 bln. The company scheduled an AGM for March 25, 2011 where shareholders will decide on the distribution of 2010 net income and retained earnings of UAH 3.7 bln. If shareholders decide to payout 100% of 2010 profits, as it has done historically, the dividend would amount UAH 1.15 per share, with a dividend yield of 7.5% to the current price.  If retained earnings are distributed as well, the dividend would be UAH 2.75 per share, with a dividend yield 17.9% to current price.