GTC announced in the annual report that they don’t plan to pay the dividend for the year 2006. Company’s net income after minorities reached USD 249.9m, increase of 80.8% y/y.
Our view: GTC declared previously several times that they don’t plan to return proceeds to shareholders for the moment and use them rather for further expansion and benefit growth opportunities in the sector. We don’t expect dividends to be paid out to shareholders in upcoming years either and we see the news as neutral.