Corporate Results
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Breweries
UB Beer sales up 18%
Our Bureau
BANGALORE:UB Beer Ltd has registered a growth of 18 per cent in sales and 11 per cent in earnings before interest, taxation, depreciation and amortisation (EBITDA) during the first quarter ended June 30.
The company has reported a profit before tax of Rs 10.15 crore with an earnings per share EPS (not annualised) of Rs 5.90. On July 4, the High Court of Karnataka granted the scheme of arrangement by which the brewing business got demerged with retrospective effect from August 1, 2001.
This fulfils the company's commitment to create a focused beer business to facilitate a high growth strategy for the core brewing business. With the implementation of the demerger plan, the company has also signed definitive agreement with Scottish and Newcastle Plc (S&N) to bring the latter as a strategic partner in brewing business.
S&N will infuse Rs 200 crore by way of external commercial borrowing into UB upon receipt of regulatory approvals which are in process.
In the first quarter of 2002-03, UB outperformed the industry with 18 per cent growth, taking its market share to 40 per cent - up from 37 per cent.
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