Brazilian glass manufacturer Vidraria Santa Marina is preparing to again distribute substantial dividends to its stockholders. A traditional payer of large bonuses, the company was accustomed to distr…
Brazilian glass manufacturer Vidraria Santa Marina is preparing to again distribute substantial dividends to its stockholders. A traditional payer of large bonuses, the company was accustomed to distributing more than 40% of its profits to its investors. Three years ago, in an era of thin cows, it paid R$ 15 million, equivalent to 30% of net profits. The next year, penalized by a recessive setting, it paid out only R$ 449,000, just 6% of net profits. This year, having overcome a period of high indebtedness and heavy investments, Santa Marina is giving signs that good times may be returning. It paid R$ 20 million in dividend for 1999, on net profits of R$ 54.8 million. “The recouperation of the cash flow situation allows us to plan better dividends for the coming years,” said Aldo Ardito, director of investor relations.