United Breweries net profit drops 48 per cent

United Breweries Ltd. on Saturday reported standalone net profit of Rs 27 crore for the second quarter (July-September) of fiscal 2016-17, registering a 48 per cent decline from Rs 52 crore in the same period a year ago.

In a regulatory filing to the stock exchanges a day after its board meeting on Friday, the city-based brewery major said standalone total income from operations at Rs 2,201 crore for the quarter under review (Q2) was marginally up (3 per cent) from Rs 2,134 crore in the like period a year ago.

Sequentially, however, net profit plunged a whopping 82 per cent from Rs 148 crore in the first quarter (April-July) and income dipped 32 per cent from Rs 3,245 crore in Q1.

Gross profit also declined 32 per cent annually to Rs 51 crore for the quarter from Rs 75 crore in the same period a year ago and fell 78 per cent from Rs 227 crore in Q1.

The company's blue chip scrip of Re 1 face value gained Rs 3.46 to close at Rs 875 per share at the end of Friday's trading as against Rs 871.60 on Thursday's closing price after opening at Rs 899.50 and selling at a low of Rs 859.40 during the intra-trading session on the BSE in Mumbai.

--IANS

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