June 4 (SeeNews) - Croatian power transmission equipment manufacturer Dalekovod [ZSE:DLKV] said on Thursday it plans to skip the distribution of dividend this year.
The company is proposing to its shareholders to use the 5.8 million kuna ($858,000/756,000 euro) net profit reported for 2019 to cover loss from previous years, Dalekovod said in a statement with the Zagreb bourse.
The shareholders will put the proposal to vote on July 17.
Dalekovod swung to a consolidated net profit of 9.2 million kuna last year, from a consolidated loss of 119.6 million kuna in 2018.
The company has not distributed dividend in the past five years and, whenever profitable, used its earnings to cover earlier losses.
Dalekovod's shares traded 0.5% higher at 4 kuna at Thursday opening on the Zagreb bourse.
(1 euro = 7.57310 kuna)