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Our Bureau

Panaji May 2 The Board of Directors of the Goa-based Automobile Corporation of Goa Ltd (ACGL), a Tata group subsidiary, at its meeting held last week has recommended a dividend of Rs 10 per share for the year ended March 31, 2007 as against Rs 8 per share for the corresponding previous year, amounting to a payout of 100 per cent as against 80 per cent in the previous year.

According to the financial accounts approved by the BoD, the company achieved a revenue (net of excise) of Rs 335.76 crore for the year ended March 31, 2007 giving an annual growth of 31 per cent compared to Rs 255.25 crore in the previous year.

Releasing the latest financial results, the company officials said on Wednesday that ACGL's profit before tax was Rs 31.46 crore, which meant an increase of 36 per cent over Rs 23.18 crore of the immediate previous year. The net profit increased to Rs 20.56 crore compared to Rs 15.28 crore in the previous year.

Sales

The sale of bus bodies for the year grew by 31 per cent to 3,929 units for the year as compared to 3,004 in the previous year. The sheet metal components' business also grew by 13 per cent over the previous year.

The company offered 14,81,931 equity shares of Rs 10 each at a premium of Rs 465 per share on a rights basis to the existing shareholders as on February 28, 2007.

The issue opened on March 20, 2007 and closed on April 20, 2007. The allotment of shares to the applicants and the listing of the newly issued shares are in progress, said the company's official release.

More Stories on : Automobile Components | Dividend Announcement

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