Future Retail logs Q1 net loss of Rs 562 crore

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Future Retail Ltd on Monday reported a consolidated net loss of Rs 561.95 crore for the first quarter ended June 2020.
According to a report: 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 percent 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 percent.
Mukesh Ambani’s Reliance Industries 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 to facilitate Rs 24,713 crore deal to sell the retail and wholesale business to Reliance Retail, owned by oil-to-chemical conglomerate Reliance Industries Ltd.

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