United Breweries Holdings Q1 Net Jumps Over Two-Fold to Rs 802 Crore

New Delhi: United Breweries Holdings on Thursday reported an over two-and-a-half-fold jump in net profit at Rs 802.10 crore for the quarter ended June 2014, boosted by 'exceptional items'.

 

The company had posted a net profit of Rs 301.41 crore for the corresponding period of the previous fiscal year.

 

Net sales rose 21.35 per cent to Rs 98.18 crore during the quarter under review as compared to Rs 80.90 crore a year ago, United Breweries Holdings said in a filing to the BSE.

 

Explaining its exceptional items, the company said a profit of Rs 527.86 crore (net) on sale of shares by lenders of now defunct Kingfisher Airlines has been included in it.

 

"The gross sale proceeds for the sale of securities by the lenders of KFA have been adjusted by the said lenders against their dues from KFA (Kingfisher Airlines). The management has obtained legal advice that the company has a potential claim against lenders for recovery of the above sale proceeds," it said.

 

Without prejudice to the rights and contentions of the company in the pending legal proceedings, the sale proceeds appropriated by the lenders against Kingfisher Airlines' dues in included under loans and advances recoverable from KFA, the company added.

 

During the quarter under review, revenue from its alcoholic beverages segment declined to Rs 51.24 crore. It was Rs 56.56 crore during the first quarter of FY 2013-14.

 

However, earnings from its leather segment during the quarter increased more than two-fold to Rs 16.07 crore as against Rs 7.17 crore in the same period of the previous fiscal year.

 

Revenue from ready-made garments segment during the April-June quarter increased to Rs 12.85 crore as against Rs 10.23 crore in the year-ago period.

 

As of 2:02 p.m., shares in United Breweries Holdings were trading at Rs 38.90 apiece on the BSE, up 0.91 per cent from the previous close.