UB Holdings, the parent company of Kingfisher Airlines, has turned profitable during the first quarter of 2006-07 with total income recording over 900 per cent growth to Rs 50.23 crore. The net profit for the quarter was Rs 1.08 crore and during the same period last year, it posted a loss of Rs 12.34 crore.
During the quarter, the company executed guarantees in favour of banks aggregating Rs 327 crore (cumulative Rs 942 crore) on behalf of Kingfisher Airlines. Consequent to the increase in the paid-up capital of the airline, the companys current holding in the airline stands at 83.35 per cent. The real estate project, UB city, is expected to be ready for occupation in the next few months. The companys other income includes, trade marks licence fee of Rs 4.5 crore from three group companies and profit on sale of certain investments of Rs 1.64 crore to a wholly-owned subsidiary.