Future Retail posts Q1 net loss of Rs 562 crore
Sep 16, 2020
Future Retail (FRL) reported a consolidated net loss of Rs 562 crore ($76.4 million) for the June quarter, as against a net profit of Rs 159 crore in the year-ago quarter.
The company’s revenue from operations for the quarter under review was down 74 percent to Rs 1,358, as against Rs 5,197 crore in the corresponding quarter of last year.
Future Retail’s expenses for the quarter were down 60 percent to Rs 2,032 crore as against last year’s Rs 5,047 crore.
"Covid-19 pandemic and consequent lockdown imposed throughout the country has had a significant adverse impact on the business operations and the financial results of the company for the quarter ended June 30, 2020," FRL said in a statement.
FRL operates retail stores like Big Bazaar, fbb, Foodhall, Easyday, and Nilgiris. Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd (RIL) recently acquired Future Group’s retail, wholesale business, logistics and warehousing business for Rs 24,713 crore.
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