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Biz News Korea(Eng)

Korea’s Halla to pay out cash dividends of $3.3 mn this year in 5 yrs

Collected: 2017.12.25

Distributed: 2017.12.26

Source: Go Direct

South Korea’s Halla Corp. will pay out a yearly cash dividend of 3.55 billion won ($3.3 million) on common shares this year for the first time in five years since 2012, the company said on Sunday. Its shareholders of record as of December 31 will receive 100 won per common share, and the dividend yield ratio of Halla amounted to 2.61 percent as of December 21.

A company source said Halla decided to pay out cash dividends of 3.55 billion won to its shareholders as part of its stakeholder friendly path, citing the recent buyback of its shares. The company has repurchased its shares worth about 5 billion won since April to reduce the number of outstanding shares in the market.

Halla reported an operating profit of 45.7 billion won on a consolidated basis during the third quarter ended September. Its cumulative operating profit over the cited period amounted to 114.3 billion won, raising expectations that the company would see a record yearly high in earnings this year. It posted 489.4 billion won in sales and 21.7 billion won in net income in the July-September period on a consolidated basis.

Its improved balance sheet is also leading to a positive appraisal from the market. Seoul-based credit rating and consulting services provider Korea Ratings on December 5 revised up Halla’s credit rating from BBB Stable to BBB Positive after reflecting its enhanced revenue generation and improved balance sheet due to the buoyant housing business.

Shares of Halla on December 22 ended 3.27 percent up at 3,950 won from the previous session.

By Park In-hye and Lee Ha-yeon

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