United Breweries shares drop 3% on poor Q4 show

New Delhi: Shares of United Breweries on Thursday ended nearly 3 percent down after the company reported a significant fall in standalone net profit at Rs 6.73 crore for the fourth quarter of 2016-17 fiscal.

The stock slipped 2.67 percent to settle at Rs 791.85 on BSE. During the day, it slumped 4.98 percent to Rs 773.

On NSE, shares of the company dipped 2.19 percent to close at Rs 794.30.

The company's market valuation also fell by Rs 573.08 crore to Rs 20,936.92 crore.

It had posted a net profit of Rs 52.37 crore in the same quarter of the previous fiscal, the company said in a BSE filing yesterday.

Although the company's net income on a standalone basis rose marginally during the period under review, its expenses remained higher compared to the year-ago period.

Net income stood at Rs 2,562.03 crore in the last quarter of 2016-17, against Rs 2,494.48 crore in the same period of previous year.

Expenses jumped to Rs 2,554.41 crore from Rs 2,420.55 crore in the said period.