Ecopetrol 2006 Profits Hit Record US$1.5bn

Colombia's state oil company Ecopetrol reported a record 3.39tn pesos (US$1.53bn) in net profits last year, up 4% from the previous year, the company said in a statement.

The company will hold a general shareholders meeting on March 26 to discuss the dividend payment plan, according to the statement, which did not provide additional financial results such as revenue and Ebitda.

In calculating the dividends, Ecopetrol must set aside 339bn pesos for its legal reserve fund and will add 1.42tn pesos from its accumulated investment reserve fund. As a result, the company has 4.48tn pesos for dividends and investment reserves.

Based on the above figures, the company will pay out 3.00tn pesos in dividends based on profits and 873bn pesos based on accumulated reserves, leaving 602bn pesos for Ecopetrol's investment fund.

As a result, the company will pay dividends of 70,672 pesos per share.

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