Swaraj Mazda Q4 net dips 54% at Rs 3 cr

Commercial vehicle maker Swaraj Mazda today reported a 54 per cent decline in its net profit at Rs 3.09 crore in the March fourth quarter of 2008-09.     

The company had a net profit of Rs 6.70 crore in the fourth quarter ended March 31, 2008, Swaraj Mazda said in a filing to the Bombay Stock Exchange.     

"(The) global financial turmoil has caused sudden and unprecedented credit squeeze and virtual stoppage of funding of commercial vehicles beginning October 2008. This has adversely affected (the) company's performance in the second half of fiscal 2008-09," the company said.     

The total income from operations declined to Rs 135.95 crore in the quarter ended March 2009, from Rs 174.92 crore in the same quarter last fiscal.     

In the year ended March 31, the company posted a net profit of Rs 4.79 crore, while the same was at Rs 25.20 crore in the corresponding period the previous fiscal.     

The board of the company declared a dividend of Rs 1.50 per share, subject to the approval of shareholders.     

In another BSE filing, Swaraj informed K Machida and M Sato have ceased to be directors of the company and M Tabuchi, T Hashimoto and H Yamaguchi have been appointed as additional directors with effect from May 28.