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LAU to spend EUR 3.2 million of its 2018 profit on road maintenance.

RIGA, Jan 28 (LETA) - Latvijas Autocelu Uzturetajs (LAU) road maintenance company will not have to pay dividends from its 2018 profit to the government and will spend EUR 3.214 million of the profit on road maintenance, the Cabinet of Ministers decided today.

The government today approved the Transport Ministry's draft decree allowing LAU to forgo dividend.

Latvia's state-owned enterprises are required to pay 85 percent of their 2018 profit in dividends to the government. LAU generated EUR 3.781 million in 2018, which means that the share of the company's profit payable in dividends would be EUR 3.214 million.

However, the Transport Ministry has been instructed to ensure that the 85 percent share of LAU's 2018 profit is allocated for road maintenance works, which is the public administration task delegated to the company.

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Date:Jan 28, 2020
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