Future Retail Q1 loss widens to Rs 1,147 crore
Future Retail Ltd (FRL) consolidated net loss for the first quarter ended June 30 widened to Rs 1,147 crore ($155 million), as against a net loss of Rs 553 crore it reported in the year-ago period.
The company’s revenue for the quarter was down to Rs 1,407 crore, as against Rs 1,448 crore it reported in the corresponding period of the previous fiscal year.
FRL’s expenses for the quarter were at Rs 2,554 crore as against last year’s Rs 2,000 crore.
“The outbreak of Covid-19 pandemic has created economic disruption throughout the world including India. Consequently, the revenue and profitability for the quarter ended June 2021 have been adversely impacted," FRL said in a statement.
“FRL has entered into debt restructuring of the existing financial debt of the company under an RBI announced resolution framework for Covid-19 related stress. The One Time Restructuring (OTR) has been implemented by execution of the documents by the company and eligible lenders on April 26, 2021," it 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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