INDIA: United Spirits sees Q3 profits tumble against “extraordinary” 2006
United Spirits has posted a plunge in net profit for its third quarter.
The company, part of India's United Breweries, said yesterday (22 January) that net profit in the three months to the end of December fell by 74% against the same quarter a year earlier, coming in at INR881.5m (US$22.4m). United noted that net profit in the corresponding quarter in 2006 had been unusually high due to "extraordinary income".
Net profit in Q3 2006 totalled INR8.89bn.
No further details were immediately available in the filing to the National Stock Exchange.
In May last year United Spirits acquired Scotch whisky company Whyte & Mackay for US$1.18bn. Local reports in August claimed that the unit's debts had risen by INR51.4bn to INR64.5bn following the purchase.
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