Autodom (ASX:AIE) shares slump on forecast of FY10 loss

Autodom (ASX:AIE) shares slump on forecast of FY10 loss

Shares in automotive component manufacturing company Autodom Limited (ASX:AIE) have fallen over 23% after the company revealed it was expecting to swing to a $1.6 million FY10 loss.

The company, which recorded a post-tax profit of $1.25 million in FY09, said sales of locally produced vehicles have remained low since the global financial crisis in late 2008.

Revenue is expected to have fallen 15% on FY09 to $75 million.

But Autodom said it had managed to slash operating costs by $3.5 million. The company added that FY09 earnings were inflated by a $3 million grant under the Automotive Industry Structural Adjustment Program (AISASP).

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Tags global financial crisisAutomotiveGuidanceAutodomASX:AIE

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