Automobile Corporation net dips 87%

Automobile Corporation of Goa, manufacturer of sheet metal components, today said its net profit for the fourth quarter ended March 31, declined 87% to Rs 1.13 crore.

In a filing to the BSE, the company said it had a net profit of Rs 8.76 crore in the same quarter ended March 2008.

Net sales of the company moved down to Rs 46.65 crore during the quarter under review, as against Rs 114.80 crore in the same quarter previous quarter.

The company has proposed a dividend of Rs 10 a piece (100%) for the year ended March 31, 2009.

Shares of Automobile Corporation of Goa were trading at Rs 159.95, up 3.53% on the BSE.