The company’s 2004 net income of USD 377 mn in 2004 will be directed into a reserve fund, so no dividends will be paid. MMKI plans to increase sales by 17% yoy to USD 3.1 bn in 2005. However, MMKI also said it will show a net margin of 7% in 2005, which is two times lower than in 2004. We attribute bottom line deterioration to the growing price for input materials, as well as a recent transportation tariff increase. The company does not plan to pay dividends for 2005.