Force Motors FY'11 net profit falls 3%

Force Motors today reported a 2.98% decline in its net profit for the year ended March 31, 2011, at Rs 58.62 crore.

The company had posted a net profit of Rs 60.42 crore in the previous fiscal, Force Motors said in a filing to the Bombay Stock Exchange.

The net sales during 2010-11, however, increased by 54.93% to Rs 1,480.45 crore from Rs 955.55 crore in FY'10, it added.

The board of the company recommended a dividend of 50%, which is Rs 5 per equity share of Rs 10 each, the filing said.