United Breweries Holdings (UBHL), the parent company of Vijay Mallya’s UB Group, posted net profit...
United Breweries Holdings (UBHL), the parent company of Vijay Mallya’s UB Group, posted net profit of R2.02 crore for the quarter ended December, even as its woes owing to litigation and recovery proceedings initiated by banks are continuing. The company had posted a loss of R3.55 crore in the year-ago period, while it had posted profit of R3.59 crore in the July-September 2014 stretch.
UBHL is contesting several winding-up petitions filed by various creditors of the grounded Kingfisher Airlines who are seeking to enforce corporate guarantees while it is also fighting other cases against lenders and banks for restitution of deposits and shares. UBHL earns its income mainly from sale and lease rentals from its properties in Bengaluru besides trademark licence fees and dividends from group companies. But it has been unable to lease out its commercial property at UB City or sell high value residences at Kingfisher Towers (both properties are in Bengaluru) because of restraint orders from the Karnataka High Court.
“Notices have been received from several bankers of KFA, who are beneficiaries of Corporate Guarantees and part of its consortium of banks, proposing to treat the company and its directors as wilful defaulters. The company is taking appropriate legal measures to defend itself and its directors,” a UBHL statement said on Friday.