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United Spirits delays publishing earnings report

LiveMint logoLiveMint 27-05-2014 Mihir Dalal

Bangalore: United Spirits Ltd said it would take more time to report its fiscal fourth-quarter and full-year results, partly because of the accounting related to the sale of its Whyte and Mackay whisky business.

India’s largest liquor company was expected to report results on 16 May but the company said on 15 May it was delaying its results due to unavoidable circumstances.

“The board expects that it would require additional time in order to complete a comprehensive balance sheet review including in respect of the impact of the proposed sale (of Whyte and Mackay) on the statement of affairs of the company as at 31 March, 2014,” the company said in a statement to BSE. “The board is aiming to complete this as expeditiously as practicable.”

United Spirits, controlled by Diageo Plc, said on 9 May it would sell its British whisky business Whyte and Mackay to Philippines-based Emperador Inc. for £430 million (about Rs4,375 crore).

The company was forced to put Whyte and Mackay on the block after British regulators raised concerns in November about the impact of Diageo’s acquisition of United Spirits on whisky prices in the UK.

United Spirits’s stock rose 0.34% to `2,804.65 on BSE on Tuesday, while the benckmark Sensex lost 0.68%, or 167.37 points, to 24,549.51.

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