Future Retail Ltd on Monday reported a consolidated
net loss of Rs 561.95 crore for the first quarter ended June
2020.
The company had posted a net profit of Rs 159.24 crore in the
April-June quarter a year ago, Future Retail Ltd (FRL) said in a BSE filing.
Its revenue from operations was down 73.86 per cent to Rs
1,358.11 crore during the quarter under review from Rs 5,197.11 crore in
corresponding period last year.
FRL, which operates retail stores as Big
Bazaar, fbb, Foodhall, Easyday and Nilgiris, also saw its total expenses coming
down to Rs 2,031.54 crore as against Rs 5,046.79 crore, a drop of 59.74 per
cent.
Mukesh Ambani's Reliance
Industries NSE 0.25 % (RIL) had
last month announced to acquire Future Group's retail, wholesale, logistics and
warehousing businesses in a Rs 24,713 crore deal.
"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," said FRL.
On August 29, 2020, FRL board had approved the amalgamation of FRL along with other group companies with Future Enterprises Ltd NSE -0.33 % to facilitate Rs 24,713-crore deal to sell the retail and wholesale business to Reliance Retail, owned by oil-to-chemical conglomerate RIL.
Shares of Future Retail Ltd on Monday settled at Rs 101.05 apiece, down 4.98 per cent from the previous close.
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