United Breweries Holdings today reported over two-and-a-half-fold jump in its net profit at Rs 802.10 crore for the first quarter ended June 30, boosted by ‘exceptional items’.
The company had posted a net profit of Rs 301.41 crore during the same period of the previous fiscal.
Net sales also went up 21.35 per cent to Rs 98.18 crore during the April-June quarter as against Rs 80.90 crore of the same period a year ago, United Breweries Holdings said in a filing to the BSE.
Explaining its exceptional item, the company said a profit of Rs 527.86 crore (net) on sale of shares by lenders of now defunct Kingfisher Airlines (KFA) has been included in it.
“The gross sale proceeds for the sale of securities by the lenders of KFA have been adjusted by the said lenders against their dues from KFA. The management has obtained legal advice that the company has a potential claim against lenders for recovery of the above sale proceeds,” it said.
Without prejudice to the rights and contentions of the company in the pending legal proceedings, the sale proceeds appropriated by the lenders against KFA’s dues in included under loans and advances recoverable from KFA, the company added.
During the quarter under review, revenue from its alcoholic beverages segment declined to Rs 51.24 crore. It was Rs 56.56 crore during the first quarter of FY 2013-14.
However, earnings from its leather segment during the quarter increased more than two-fold to Rs 16.07 crore as against Rs 7.17 crore in the same period of the previous fiscal.
Revenue from ready-made garments segment during the April-June quarter increased to Rs 12.85 crore as against Rs 10.23 crore in the year-ago period.
Shares of United Breweries Holdings were trading at Rs 38.70 per scrip on the BSE during the afternoon trade, up 0.39 per cent from its previous close.