Sanoma Drops Most in Six Months on Dividend Cut: Helsinki Mover
Sanoma Oyj, a Finnish publishing and broadcasting company, slid the most in six months after proposing the lowest dividend since 2003.
Sanoma fell as much as 6.5 percent, the most since August 8. The share declined 0.26 euros, or 2.3 percent, to 11.20 euros at 11:26 a.m. in the Finnish capital. Helsinki-based Sanoma has lost 36 percent of its value in the last year, compared with 24 percent for the OMX Helsinki All-Share Index.
Sanoma proposed a payout of 0.60 euros a share, compared with 1.1 euros a share a year earlier, missing the 0.80 euros a share estimate by Bloomberg. The company forecast full-year sales to grow “slightly,” mostly from the television and magazine properties acquired last year in the Netherlands and Belgium. Print advertising sales in Finland declined 4.9 percent in the quarter.
Priorities for the next three years include “streamlining operating expenses and continuing to dispose of non-core assets” to “ensure financial flexibility,” Chief Executive Officer Harri-Pekka Kaukonen said in a statement.
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