Future Retail posts Q3 net loss of Rs 847 crore
Future Retail Ltd (FRL) reported a consolidated net loss of Rs 847 crore ($116.3 million) for the third quarter ended on December 2020, as against a net profit of Rs 165 crore it reported in the corresponding quarter last year.
The company’s revenue for the quarter was impacted by the Covid-19 pandemic dropping 71 percent to Rs 1,507 crore, as against Rs 5,193 crore of the corresponding quarter last fiscal.
Future Retail’s expenses for the third quarter were down 53 percent to Rs 2,391 crore, as against Rs 5,042 crore in the year-ago period.
“Covid-19 pandemic has had a significant impact on the business operations and the financial results of the Company for the quarter and nine months ended December 31, 2020,” Future Retail said in a statement.
“The impact of Covid-19 pandemic on the overall economic environment being uncertain may affect the underlying assumptions and estimates used to prepare the company's financial results, whereby actual outcome may differ from those assumptions and estimates considered as at the date of approval of these financial results,” the company added.
FRL operates retail stores like Big Bazaar, Fashion Big Bazaar, Foodhall, Easyday, and Nilgiris. Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd (RIL), last year acquired Future Group’s retail, wholesale business, logistics, and warehousing business for Rs 24,713 crore.
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