Baltic Shipyard to skip dividends, use profit for development

ST. PETERSBURG, June 26 (RIA Novosti) – Baltic Shipyard [RTS: BALZ] will not pay dividends for 2005 but will use the company’s net profit for development, the press service said.
The net profit of one of Russia’s largest shipyards, which specialized in production of warships, large-capacity commercial vessels and icebreakers, stood at more than 289 billion rubles ($10.68 billion) in 2005.