Mahindra Lifespace Dev FY09 net at Rs 66 cr

Diversified conglomerate Mahindra & Mahindra's real estate arm Mahindra Lifespace Developers today announced its consolidated net profit for the year ended March 31, stood at Rs 65.54 crore.

The company had a net profit of Rs 66.39 crore for the financial year ended March 2008, Mahindra Lifespace said in a filing to the Bombay Stock Exchange.

"In order to follow uniform accounting policy for consolidated of the financial and to be in line with the parent company, the company has changed the method of charging depreciation from written down value method to straight line method during the year.

"As a result of the change the depreciation charge of earlier years, amounting to Rs 8.17 crore, has been reversed," the filing added.
Income from operations of the company stood at Rs 341.78 crore for the period under review, while it was Rs 231.08 crore in the same period FY'08.

The board of directors of the company has proposed a dividend of  10.50% on 10 lakh  non-cumulative redeemable preference shares of Rs 100 each and 2. 25% on 4.08 crore shares.

Shares of Mahindra Lifespace Developers settled at Rs 176, down 0.31% on the BSE.