United Breweries Records 34.2 Crore Second-Quarter Profit

Mumbai: United Breweries posted a net profit of 34.2 crore for the second quarter ended September 30, as against 19.5 crore in the year-ago period.

The revenue of the company, part of Vijay Mallya-led UB Group, also rose to 875 crore in the same period.

The company had recored revenue of 750 crore in the second quarter of the previous fiscal.

On quarter-on-quarter basis, the net profit, however, fell sharply from 98.64 crore in the first quarter of current fiscal, while revenue also declined from 1,226 crore in the three-month period ended June 30.

The company said its results are not comparable on year- on-year basis as a number of entities have been amalgamated with United Breweries during the past financial year.

Still, a good set of results by the company, whose group firm Kingfisher is facing severe financial crisis and another group entity United Spirits is reportedly in talks for stake sale to global liquor major Diageo, helped United Breweries' share price soar to its record high of 820 this morning.

After paring some gains, the stock was trading 3.2 percent higher at 814.10 at 0925 hours at the BSE.

United Spirits shares were also trading 4.3 percent higher at 1401, after hitting its 52-week high of 1,425, while Kingfisher Airlines stock was up nearly 5 percent at 13.53 at the BSE.

The shares of group's holding company UB Holdings Ltd was trading 4 percent up at 136.90.

The company said that Millennium Beer Industries (MBIL), United Millennium Breweries (UMBL), UB Nizam Breweries Private (UBNB), Chennai Breweries Private (CBPL) and UB Ajanta Breweries Private (UBAB) have been amalgamated with United Breweries on various dates during the previous financial year.

As a result, the figures for the quarter and half year ended September 30, 2012 are not comparable with those of corresponding periods of the previous year, it added.