Eastern Housing recommends lowest dividend in 5 years
In the fourth quarter of this year, its earnings per share dropped by 59 percent due to the novel coronavirus pandemic
Eastern Housing Ltd has recommended a 15% cash dividend to its shareholders for the 2019-20 financial year, which is the lowest dividend of the company in the last five years.
The dividend payout was recommended at a meeting of the company's board of directors on Tuesday evening.
However, final approval regarding the dividend will come during the annual general meeting (AGM) slated for November 5 in Dhaka. The record date is October 8.
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According to information released by the company, it reported earnings per share of Tk3.12 in the last financial year. The company's earnings per share has dropped by 16% compared to the previous year.
In the fourth quarter (April-June) of this year, its earnings per share dropped by 59 percent due to the novel coronavirus pandemic.
Additionally, the company's net asset value per share amounted to Tk62.47 for the year that ended on June 30, 2020.
In the 2018-19 financial year, the company paid 20 percent cash dividends to its shareholders.
The current paid-up capital of the Eastern Housing Ltd, listed on the Dhaka Stock Exchange (DSE) in 1994, is Tk93.34 crore.
Sponsors and directors together owned 50.09% of the company's shares till July 2020, while the institutional and general investors owned 30.13% and 19.78% of shares, respectively.
The closing price of each share of the company was Tk46.40 on Tuesday at the DSE. Last year the shares reached their highest price of Tk51.20 each.
