German construction and machinery manufacturer Bauer (BRAGF.PK) announced that all the resolutions proposed by the company's Management has been passed by a large majority at the Annual General Meeting.
One of the resolutions passed was to pay a dividend of EUR 0.50 per share, slightly down against the previous year dividend of EUR 0.60. In the 2011 financial year the Bauer Group generated EBIT or earnings before interest and taxes of EUR 88.4 million from total Group revenues of approximately EUR 1.372 million. The net profit for the period was EUR 34.1 million.
The company said that the current financial year has begun positively for the company's Construction segment, with healthy levels of orders in hand. The Resources segment, too, is expected to see strong growth in revenues. Its earnings will remain depressed by a project in Jordan however.
In its Equipment segment, the Bauer Group said it continues to be hampered by customers' reluctance to invest in new equipment.
The company reaffirmed its forecast for the full year total Group revenues of EUR 1.450 billion, EBIT of around EUR 85 million and net profit for the period of around EUR 35 million.
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