Mumbai: Commercial vehicle maker Swaraj Mazda on Friday reported a 54% decline in its net profit at Rs3.09 crore in the March fourth quarter (Q4) of 2008-09.
The company had a net profit of Rs6.70 crore in the fourth quarter ended 31 March 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 Rs135.95 crore in the quarter ended March 2009, from Rs174.92 crore in the same quarter last fiscal.
In the year ended 31 March, the company posted a net profit of Rs4.79 crore, while the same was at Rs25.20 crore in the corresponding period the previous fiscal.
The board of the company declared a dividend of Rs1.50 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 28 May.