Asset finance company Magma Fincorp has registered net profit of Rs 26.46 crore during the fourth quarter of 2009-10 as compared to Rs 7.43 crore during the same period of last year.

For the fiscal ended March 2010, Magma Fincorp's net profit was Rs 71.32 crore as against Rs 39.8 crore a year ago.

Mr. Sanjay Chamria, vice chairman and managing director, stated, "Increase in share of high-yield products, improvement is net interest margin helped the company achieve this profit level."

Used commercial vehicles, tractors and SME loans consist of the high-yield products whose share increased to 13% during the last fiscal as against 9% a year ago.

Magma, which has a strong presence in semi-urban and rustic India, provides finance for new as well as used commercial vehicles, passenger cars and utility vehicles, construction equipment and tractors.

The company plans to extend its footprint to 10-12 locations in 2010 and focus on tractors and used commercial vehicles financing.

Chamria said the company may lift up around Rs 125 crore via preference shares and unsecured subordinated debt in 2010-11. (With Inputs from Agencies)