Motor Sich decides not to pay dividends

At their AGM on March 27, Motor Sich (MSICH) shareholders approved the company’s 2008 financial results, with net income of UAH 3.8 mln (EPS is UAH 1.9, down 57 times yoy) and decided not to pay dividends for last year. According to company CEO Vyacheslav Boguslayev, if not for currency depreciation, the company’s 2008 income would have been about UAH 175 mln (down 20% yoy). According to management plans, Motor Sich will raise production 20% yoy and finish 2009 with net income of about UAH 60 mln.