United Breweries Q4 net loss narrows to Rs43 crore

Total income from operations rose 33.63% to Rs103.62 crore during the March quarter as against Rs77 crore in the same period a year ago

Photo: Pradeep Gaur/Mint
Photo: Pradeep Gaur/Mint

New Delhi: United Breweries (Holdings) Ltd on Thursday reported narrowing of its standalone net loss at Rs.43.14 crore for the fourth quarter ended 31 March 2016.

The company had posted a net loss of Rs.373.73 crore during the same period of the previous fiscal.

However, its total income from operations rose by 33.63% to Rs.103.62 crore during the March quarter as against Rs.77.54 crore in the same period a year ago, United Breweries Holdings said in a filing to the BSE.

Shares of United Breweries Holdings were trading at Rs.29.80 per scrip on the BSE during the morning trade, up 0.34%, from its previous close.

On 24 May, United Breweries (Holdings) Ltd (UBHL) had sought time till July to file results for the last fiscal due to “uncertainties” resulting from ongoing cases against its chairman Vijay Mallya.

In a letter to bourses, UBHL said it is being “hindered from complying with requirements” of submitting its audited standalone results for 2015-16 by 31 May.

“As you may be aware, Kingfisher Airlines, a group company of UBHL, is in debt to several banks. In this regard, Vijay Mallya, Chairman of UBHL, has made a settlement offer before the Supreme Court to the consortium of banks headed by SBI,” the company had said in the letter.

The settlement offer is under consideration by the consortium. A part of the substantial settlement amount to be paid to the consortium of banks is to be met by monetizing certain assets of the UBHL, it added.