New Delhi: Liquor firm United Breweries Ltd (UBL) on Wednesday reported a significant fall in standalone net profit to Rs6.73 crore during the fourth quarter of 2016-17 fiscal on higher expenses.
It had posted a net profit of 52.37 crore in the same quarter of previous fiscal, the company said in a BSE filing.
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 Rs2,562.03 crore in the last quarter of 2016-17, against Rs2,494.48 crore in the same period of previous year. Expenses jumped to Rs2,554.41 crore from Rs2,420.55 crore in the said period.
The Board has proposed dividend of Rs1.15 per equity share of Re 1 each amounting to Rs36.60 crore for the 2016 -17 fiscal subject to the approval at the ensuing annual general meeting, the filing added.
For the full financial 2016-17 year, the company’s net profit fell to Rs229.92 crore on a consolidated basis from Rs298.67 crore in the previous fiscal. Net income rose to Rs10,281.51 crore during 2016-17 fiscal from Rs9,727.83 crore in the previous year, while expenses remained higher at Rs9,933.38 crore as against Rs9,273.18 crore in the said period.
The company’s shares closed at Rs813.55 apiece on the BSE today.