„It was obvious as early as in the middle of last year that the year 2012 will probably not be one of the most successful for the company, yet the final result was much worse than expected“, – Saulius Lenauskas, deputy head of Brokerage Lithuania at LHV Bank, told the daily.
City Service usually earmarked at least 20 percent of its earnings for dividends hence if the company was to pay the same dividends as last year, the dividend yield, based on the company’s current market price, would reach some 3 percent, Lenauskas said adding that the company earned less last year therefore it was likely to pay smaller dividend.
Tadas Povilauskas, an analyst with Finasta bank, projects that the company this year will probably pay several millions of litas in dividends, which will be smaller than last year.
„The company’s profit was much smaller than in 2011. On top of that, City Service has acquired a company and obtained a 30 million litas loan hence the dividend expectations are somewhat lower“, – T.Povilauskas said.
City Service reported 15.3 million litas (EUR 4.44 mln) in consolidated net profit for 2012, down 48 percent from 2011. Its revenues shrank by 2 percent, to 536.5 million litas, and the EBITDA went down by 12 percent, to 41.7 million litas.
