MOL Proposes Dividend Increase

By Margit Feher 

BUDAPEST--The board of Hungarian oil and gas company MOL Nyrt. proposed Wednesday to pay a total of 60 billion forints ($269 million) in dividends for 2013, up significantly from the previous year.

MOL had a net loss of 77.66 billion forints in 2013, compared with a net profit of 9.24 billion forints a year earlier. Last year, MOL paid dividends totaling 46 billion forints on 2012 earnings.

The company will pay the 2013 dividend from reserves available for dividend distribution and book the net loss under retained earnings.

The proposed 60 billion forint dividend payment will consist of two parts: 47 billion forints in "current dividends" and 13 billion forints in special dividends, the company said in a filing with the Budapest Stock Exchange.

The special dividend will be paid with 25% of the company's gains realized from divestment of subsidiaries in 2013, which totaled 52.5 billion forints, the company said.

The company didn't disclose the dividend amount per share.

MOL shareholders may approve the proposal at an annual meeting April 24.

The Hungarian state holds a 24.6% stake in MOL.

Write to Margit Feher at [e-mail]

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