United Breweries Holdings Ltd (UBHL) has posted a higher loss of ₹3,345.51 crore for the fourth quarter of 2013-14 on a standalone basis because of write offs worth ₹2,450.59 crore due from certain subsidiaries. For the same period in the previous year, UBHL had posted a loss of ₹190 crore.
The total income of the company grew 49 per cent to ₹136.41 crore for the fourth quarter.
Its other expenses, which include provisions and write-offs, too, increased to ₹3,753.28 crore (compared with ₹16.60 crore a year ago. The company made a provision of ₹348.82 crore (₹50 crore) as tax expenses.
Last week, the company had said it made a loss of ₹802.1 crore for the quarter ended June 2014.
In a filing with the BSE, UBHL said it is contesting nine winding up petitions filed by certain creditors of Kingfisher Airlines for which the company had given corporate guarantees.
It added that because of the embargo by the Karnataka High Court regarding certain cases, its rentable commercial office space of 30,606 sq ft could not be leased out resulting in a potential loss of revenue. Also, high value residential units in Kingfisher Towers in Bangalore could not be sold which has impacted the cash flow.
UBHL, which is owned by Vijay Mallya, said it has re-valued its land and buildings in Bangalore and as on March 31 on valuation report of an independent valuer. The incremental appreciation in the value of these assets amounts to ₹750.85 crore and it has been credited to the fixed assets revaluation reserve.
The board has also reviewed the significant amounts due from Kingfisher Airlines and due to its liquidity constraints and as a matter of prudence, has made a provision for the amount of ₹1,271.71 crore.