Image via WikipediaMANILA, Philippines - Globe Telecom Inc., the Philippines' second-largest telecommunications firm, has declared a cash dividend of P40 per common share.The first semi-annual cash dividend worth P5.3 billion is 42% of the Ayala-led firm's 2009 net income. Globe Telecom shareholders of record as of February 19 will receive the cash dividend on March 15.
The move is in line with Globe Telecom's new policy of distributing between 75% to 90% of the company's profits in the previous year.
"It has been always been our aim to provide superior returns to our shareholders and this first semi-annual cash dividend shows our commitment to achieving this vision," Globe Telecom president and chief executive officer Ernest Cu said in a statement released Thursday.
"In addition to generating good returns, the increase in regular payout will also help ensure that our debt-to-equity ratios stay at optimum levels," he added.
Globe Telecom reported an 11% rise in profits last year to P12.6 billion on non-recurring gains in the first half of 2009. Core net income, on the other hand, increased by 2% to P12 billion.
http://www.abs-cbnnews.com/business/02/04/10/globe-telecom-declares-p40share-cash-dividend
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