Force Motors FY’11 net profit falls 3 pct

Force Motors today reported a 2.98 per cent 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 per cent 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 per cent,which is Rs 5 per equity share of Rs 10 each,the filing said.