HomeBusinessFuture Retail reported a net loss of Rs 692 crore in the...

Future Retail reported a net loss of Rs 692 crore in the second quarter

Future Retail Ltd. A consolidated net loss of Rs 692.36 crore for the second quarter of the current financial year ended in September. The company has incurred huge losses due to bottlenecks caused by the Kovid-19 epidemic. This earned the company a net profit of Rs 165.08 crore in the same quarter of the previous financial year. The company gave this information in a notice sent to BSE. The promoters of the company have announced a deal to transfer their retail business for Rs 24,713 crore to Reliance Retail Ventures, a company owned by Reliance Industries.

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Operating income of the company declined by 73.86 per cent to Rs 1,424.21 crore during the quarter, from Rs 5,449.06 crore in the same quarter last fiscal. The company said that its business operations and financial results in the second quarter were significantly affected by the Kovid-19 epidemic. Future Retail operates retail stores such as Big Bazaar, FBB, Foodhall, Easyday and Nilgiri. The company’s expenditure during the quarter came down to Rs 2,181.85 crore, which is 58.87 per cent lower than the figure of Rs 5,304.80 crore in the same quarter of the financial year.

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In the first half (April-September) of the current financial year, the company has a net loss of Rs 1,254.31 crore. This earned the company a net profit of Rs 324.32 crore in the first half of the last financial year. Operating income of the company declined by 73.86 per cent to Rs 2,782.22 crore during the half-year, from Rs 10,646.17 crore in the same half of the previous fiscal. On the BSE, the company’s stock closed at Rs 68, down 0.07 per cent on Friday.

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