SKF India announced that the net profit for the year ended December 31, 2008 dropped to Rs.127.66 crore from Rs.160.71 crore in the previous year. Total income increased to Rs.1630.42 crore from Rs.1578.97 crore in the last year.

The company reported net profit of Rs.16.29 crore in the fourth quarter ended December 31, 2008 compared with Rs.40.20 crore in the year ago quarter. Total income declined to Rs.369.13 crore from Rs.424.93 crore in the corresponding quarter of last year.

The company recommended dividend of 45% or Rs.4.50 per share for the year ended December 31, 2008.

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