 "Future Enterprises reports Q1 net loss at Rs 323 cr due to Covid lockdown")
Future Enterprises Ltd on Tuesday reported a consolidated net loss of Rs 322.92 crore for the quarter ended on June 30,2020.
The company had posted a consolidated loss of Rs 8.59 crore in the April-June quarter a year ago, Future Enterprises Ltd (FEL) said in a BSE filing.
Its revenue from operations was down 87.31 per cent to Rs 179.39 crore during the quarter under review as against Rs 1,414.73 crore of the corresponding quarter last fiscal.
"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 FEL.
Its total expenses were at Rs 639.27 crore as against Rs 1,440.93 crore, down 55.63 per cent.
FEL develops, owns and leases retail infrastructure for the Future Group. It handles backend operations of the retail business of Future the group.
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On August 29, 2020 Future group announced selling the retail and wholesale business to Reliance Retail in a Rs 24,713 crore deal.
It has announced to merge key group companies, including Future Retail, Future Lifestyle Fashions, Future Consumer, Future Supply Chains and Future Market Networks into FEL.
Future Enterprises will subsequently sell by way of a slump sale the retail and wholesale business that includes key formats such as Big Bazaar, fbb, Foodhall, Easyday, Nilgiris, Central and Brand Factory to Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL), a Future group statement had said on August 29. 2020.
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