United Breweries Holdings' Q1 net drops 87 per cent to Rs1.12 crore
29 Jul 2009
Vijay Mallya-promoted United Breweries Holdings today reported an 87 per cent year-on-year fall in its fiscal first quarter (April-June 2009-10) net profit at Rs1.12 crore.
During the quarter, the company's revenue from overseas markets dipped to Rs33.74 crore from Rs37.31 crore in the April-June last year, although total income rose to Rs70.12 crore from Rs56.62 crore in the year-ago quarter, UB Holdings said in a filing with the Bombay Stock Exchange (BSE).
The company reported a notional gain of Rs34.64 lakh resulting from changes in its accounting policy beginning this financial year.
The change in accounting policy also resulted in the accumulation of a net exchange difference of Rs846.57 lakh in `Foreign Currency Monetary Items Transaction Difference Account' of the company, the release said.
UB Holdings also decided to limit foreign institutional investment in the company to 26 per cent of the paid-up equity of the company.
The company also cancelled 44,15,899 convertible warrants issued to a promoter group company on 13 December 2007, on preferential basis, for not exercising the option to convert warrants into equity shares within the prescribed time.