Future Retail posts Q3 net loss of Rs 1,063 crore
Future Retail (FRL) net loss for the third quarter widened to Rs 1,063 crore ($141 million), as against a net loss of Rs 847 crore it reported in the year-ago period.
The company’s revenue for the quarter rose by 87 percent to Rs 2,815 crore, against Rs 1,506 crore in the year-ago period.
Future Retail’s expenses during the quarter went by 62 percent to Rs 3,890 crore, as against Rs 2,391 crore it reported in the corresponding period last year.
Future Retail, which has seen its businesses hit hard by the pandemic, had recently defaulted payment of Rs 3,494 crore to its lenders.
“The company, at present, is in discussion with lenders for a continuation of operations after the occurrence of the event of default and trying to find an amicable resolution to present financial status of the company,” it said.
Future Group has 1,700 outlets including some 900 small-sized stores, with the rest being large-format hypermarkets and fashion outlets like BigBazaar, FBB, Foodhall, Easyday and Nilgiris.
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