Future Retail Ltd today reported a 90.82 per cent plunge in its standalone net profit at Rs 6.10 crore for the first quarter ended June 30 due to higher expenses, including rental and employee cost.
The company had posted a net profit of Rs 66.48 crore in the same period of previous fiscal, Future Retail said in a BSE filing.
The firm's total income from operations, on a standalone basis, during the quarter was up 22.42 per cent to Rs 2,899.46 crore as against Rs 2,368.29 crore in the year-ago period.
During the quarter, Future Retail's overall total expenses were up by 22.21 per cent to Rs 2,748.49 crore as against Rs 2,248.89 crore in the first quarter of financial year 2014-15.
The company said its 'other expenses' increased 31.08 per cent to Rs 259.15 crore as against Rs 197.69 crore in the same period last fiscal.
Rental expenses during the period were also up by 13.33 per cent to Rs 151.33 crore as against Rs 133.53 crore in the same period last fiscal.
During the quarter, the gross addition of space was 0.04 million sq ft and its total area has now increased to 11.28 million sq ft.
"The same store sales growth for value business that primarily operates Big Bazaar is 10.3 per cent, while that for home business is 3.8 per cent," Future Retail said.
Shares of the company today settled 1.13 per cent down at Rs 127 apiece on the BSE.
