New Delhi: United Breweries Holdings on Friday reported a standalone net loss of Rs 16.31 crore for the quarter to December.
The company had registered a net profit of Rs 2.02 crore for the corresponding period a year ago.
The losses come even as the company saw its income jump 19.42 per cent to Rs 104.52 crore from Rs 87.52 crore, the company said in an exchange filing. The did not offer any reason for the loss.
Its alcoholic beverages segment posted revenue of Rs 52.66 crore, while leather products clocked Rs 9 crore and the ready made garments segment reported Rs 4.47 crore in revenues.
Meanwhile, the company said it is contesting the claims of Rs 6,203.35 crore from a consortium of 17 lenders led by State Bank of India to its group company - the now defunct Kingfisher Airlines.
The airline has not serviced the loan since January 2012 and had owed the bankers more than Rs 7,800 crore. Out of this banks have recovered over Rs 1,600 crore by way of selling real estate and pledged shares since they recalled the loans in February 2012.
The banks have moved the Debt Recovery Tribunal, Bangalore and the Karnataka High Court and the company said it is contesting their claims.
"The company continues to treat the disputed amounts as contingent in nature," said UB Holdings said.
"With regards to various legal cases, including nine winding up petitions pending for disposal, there has been no significant development during the period," the company said.
Moreover, the company said during the quarter, ICICI Bank invoked and sold a portion of the securities pledged by a wholly-owned subsidiary and recovered Rs 51.20 crore, which was adjusted against the dues, it said.
"The amount so recovered is accounted as due to the wholly owned subsidiary," it said.
The company had given a non-disposal undertaking in respect of 20.14 lakh shares of United Breweries in favour of ICICI Bank as a top-up security for a loan extended to Kingfisher Airlines, which has not flown since October 2012.
ICICI Bank had on January 5, 2016 transferred 19.58 lakh shares of UBL from company's demat account to their own account, UB Holdings informed.
"But the DRT on January 11, 2016 had restrained ICICI from dealing with the said shares, after SBI challenged the move by ICICI Bank," UB Holdings said, adding, "As regards the loan from United Spirits amounting Rs 1,337.41 crore, the position remains unchanged from the previous quarter."
Shares in UB Holdings, on Friday, ended 1.43 per cent higher at Rs 28.35 apiece on the BSE, whose benchmark Sensex index finished up 1.14 per cent.
The company had registered a net profit of Rs 2.02 crore for the corresponding period a year ago.
The losses come even as the company saw its income jump 19.42 per cent to Rs 104.52 crore from Rs 87.52 crore, the company said in an exchange filing. The did not offer any reason for the loss.
Its alcoholic beverages segment posted revenue of Rs 52.66 crore, while leather products clocked Rs 9 crore and the ready made garments segment reported Rs 4.47 crore in revenues.
Meanwhile, the company said it is contesting the claims of Rs 6,203.35 crore from a consortium of 17 lenders led by State Bank of India to its group company - the now defunct Kingfisher Airlines.
The airline has not serviced the loan since January 2012 and had owed the bankers more than Rs 7,800 crore. Out of this banks have recovered over Rs 1,600 crore by way of selling real estate and pledged shares since they recalled the loans in February 2012.
The banks have moved the Debt Recovery Tribunal, Bangalore and the Karnataka High Court and the company said it is contesting their claims.
"The company continues to treat the disputed amounts as contingent in nature," said UB Holdings said.
"With regards to various legal cases, including nine winding up petitions pending for disposal, there has been no significant development during the period," the company said.
Moreover, the company said during the quarter, ICICI Bank invoked and sold a portion of the securities pledged by a wholly-owned subsidiary and recovered Rs 51.20 crore, which was adjusted against the dues, it said.
"The amount so recovered is accounted as due to the wholly owned subsidiary," it said.
The company had given a non-disposal undertaking in respect of 20.14 lakh shares of United Breweries in favour of ICICI Bank as a top-up security for a loan extended to Kingfisher Airlines, which has not flown since October 2012.
ICICI Bank had on January 5, 2016 transferred 19.58 lakh shares of UBL from company's demat account to their own account, UB Holdings informed.
"But the DRT on January 11, 2016 had restrained ICICI from dealing with the said shares, after SBI challenged the move by ICICI Bank," UB Holdings said, adding, "As regards the loan from United Spirits amounting Rs 1,337.41 crore, the position remains unchanged from the previous quarter."
Shares in UB Holdings, on Friday, ended 1.43 per cent higher at Rs 28.35 apiece on the BSE, whose benchmark Sensex index finished up 1.14 per cent.
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