United Breweries Holdings posts net loss of Rs 3.55 crore in Q3

United Breweries Holdings on Wednesday reported a net loss of Rs 3.55 crore for the third quarter that ended in December 2013.

The company had posted a net profit of Rs 38.92 crore in the corresponding quarter of the previous fiscal year (FY13), it said in a filing to the BSE.

Net sales during the quarter under review stood at Rs 122.23 crore as compared to Rs 91.65 crore in the year-ago period.

The alcoholic beverages segment posted revenue of Rs 70.91 crore, while the leather products segment clocked Rs 14.68 crore and the readymade garments segment posted Rs 18.51 crore during the quarter, it said.

UB Holdings said lenders of now defunct Kingfisher Airlines (KFA), pursuant to corporate guarantees given by it, demanded from it dues owed by the airlines amounting to Rs 6,203.35 crore with further interest and other dues.

The company said it was taking further steps on the advice of its lawyers against a Karnataka High court order that disposed its writ petition filed against Debt Recovery Tribunal's dismissal of its plea to reject application to recover dues.

UB Holdings is now involved in a number of litigations related to dues incurred by Kingfisher Airlines.

According to limited review by its auditor, the company has a total exposure of Rs 13,244.88 crore in the form of investment in equity; advances given; receivable interest, commission and logo fees; guarantees given to banks and guarantees given to aircraft lessors and others.

Two winding up petitions filed against the company before the Karnataka High Court by certain beneficiaries of corporate guarantees have been admitted, the auditors said, adding that the company continued to recognise these obligations as contingent liability.

Six more winding up petitions against the company are pending disposal.

Shares in UB Holdings, on Wednesday, ended at Rs 26.15 apiece on the BSE, down 5.42 per cent from the previous close.