JAKARTA, NETRALNEWS.COM - The commodity shipping company PT Trans Power Marine Tbk (TPMA) appreciates its shareholders by distributing 52 percent of its net profit last year as cash dividends.
The total cash dividends to be distributed reached IDR10.53 billion.
Rudy Sutiono, Finance Director of TPMA, explained that the dividend payout procedure will be done in accordance with the prevailing provisions in the capital market.
"The dividend payout will be done no later than after the Annual General Meeting of Shareholders held today," he explained in a public expose in Jakarta on Friday (05/19/2017).
He added that all remaining net income will be placed as retained earnings for working capital and set aside as reserves as mandated by the Article 70 of the Limited Liability Company Law.
"The details, about $3,100 are set aside as reserves and $717,354 are placed as retained earnings for working capital," he said.
Last year, the company earned revenues of $33.18 million and net profit $1.51 million. (*)