1. United Spirits reports third straight loss

United Spirits reports third straight loss

Diageo-controlled United Spirits (USL) on Friday reported its third consecutive loss-making quarter as provisions hurt profitability though net sales grew 8.14% over the year-ago period. The company reported a loss of Rs 27.83 crore for the quarter ended September compared to a profit of Rs 94.27 crore in the same period a year ago. India’s […]

By: | Bangalore | Published: November 15, 2014 12:48 AM

Diageo-controlled United Spirits (USL) on Friday reported its third consecutive loss-making quarter as provisions hurt profitability though net sales grew 8.14% over the year-ago period. The company reported a loss of Rs 27.83 crore for the quarter ended September compared to a profit of Rs 94.27 crore in the same period a year ago.

India’s largest liquor company has been reviewing its accounts since Diageo took over from Vijay Mallya’s UB Group last year. It also led to the board ordering an enquiry into receivables from various debtors, which is currently in progress.

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