UBL Posts Rs 31-crore Q1 Loss

Bangalore, July 30: | Updated: Jul 31 2002, 05:30am hrs
United Breweries Limited (UBL) has suffered a net loss of Rs 30.48 crore in the first quarter of the current fiscal due to a combination of finance charges, depreciation costs and exceptional costs on VRS. The beer business has registered a growth of 18 per cent in sales and reported a gross profit of Rs 10.15 crore for the quarter ended June 30, 2002.

It said in a statement that while the company remains committed to an early disinvestment from non-core businesses, prevailing market conditions prevented any sales during the quarter under review. It also said that Scottish and New Castle group, the strategic partner would pump in Rs 200 crore by way of external commercial borrowings into the company and the investment would be completed by the end of the last quarter of the current fiscal.

Meanwhile, McDowell & Company has reported a turnover of Rs 370 crore for the quarter ended June 30, 2002, an increase of 11.61 per cent over the corresponding period last fiscal. The company has reported a gross profit of Rs 9.39 crore for the quarter, an increase of 17.2 per cent over the same quarter last year.

Both the boards of UB and McDowell have proposed implementation of an ESOP scheme.