Mallya8217;s United Spirits Q4 profit dips 83

The company8217;s foreign exchange loss stood at Rs 20.52 crore during the fourth quarter ended march 31,2012,as against a loss of 27 lakh in the corresponding period of previous fiscal.

Net sales of the company,however,rose to Rs 1,862.69 crore for the fourth quarter,as against Rs 1,591.65 crore during the same period of previous financial year.

For the year ended March 31,2012,the company posted a net profit of Rs 342.80 crore,as compared to Rs 385.47 crore in 2010-11.

The company said two key markets of West Bengal and Tamil Nadu dampened its performance during the year.

8220;..West Bengal followed with exorbitant increase in taxes and duties in August-September 2011 that led to a 35 per cent drop in second half of the fiscal year,8221; the company said.

In Tamil Nadu,state-owned buying agency targeted USL8217;s national brands to favour local offerings thereby affecting off take of USL brands by 2 million cases in second half,it added.

The company said it plans to open up four markets in Africa and Asia in order to reinforce its position as the global leader.

8220;The company8217;s emerging markets division is spearheading the foray into these markets with brands from both Indian and Whyte and Mackay stable,initially on an export basis from India and Scotland while progressively developing local manufacturing capability for the volume portfolio,8221; it said.

The company8217;s board,which met today,recommended a dividend of Rs 2.50 per equity share 25 per cent for the year ended 2011-12.

Shares of USL today closed at Rs 612.05 on the BSE,down 6.07 per cent from its previous close.

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