United Breweries Holdings Q1 net drop 87%

Last Updated: Wednesday, July 29, 2009 - 14:14

Mumbai: Vijay Mallya-promoted United
Breweries Holdings on Wednesday reported a net profit of Rs 1.12
crore for the first quarter ended June 30, 2009, a dip of 87
percent over the same period last fiscal.

Total income rose to Rs 70.12 crore in the latest quarter
from Rs 56.62 crore in the year-ago period, UB Holdings said
in a filing to the Bombay Stock Exchange.

During the quarter, the company`s revenue from the
overseas market dipped to Rs 33.74 crore compared to Rs 37.31
crore in the June quarter last year.

The filing also said that UB Holdings has decided to
limit the investment by foreign institutional investors to 26
percent of the paid up equity share capital of the company.

The company has cancelled 44,15,899 convertible warrants
issued on December 13, 2007 to a promoter group company, on
preferential basis, for not exercising the option to convert
warrants into equity shares within the prescribed time.

UB Holdings has significant corporate guarantee exposure
on behalf of subsidiaries and other associated companies.
However, certain guarantees issued on behalf of its major
subsidiary Kingfisher Airlines were invoked up to June 30,
2009, but have been paid directly by the beneficiaries, the
filing said.

Bureau Report



First Published: Wednesday, July 29, 2009 - 14:14

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