NEW DELHI: Future Enterprises Ltd on Monday reported a consolidated net loss of Rs 394.77 crore for the fourth quarter ended March 31, 2020.
The company had posted a net profit of Rs 66.58 crore in the January-March quarter a year ago, Future Enterprises Ltd (FEL) said in a BSE filing.
Recently, the board of FEL has approved amalgamation of the Future Group entities with the company 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.
Its revenue from operations was down 50.01 per cent to Rs 783.28 crore during the quarter under review, as against Rs 1,566.96 crore in the same period last fiscal.
FEL’s total expenses stood at Rs 1,174.77 crore, compared to Rs 1,524.68 crore, down 22.94 per cent.
For fiscal 2019-20, FEL net loss was at Rs 369.51 crore. It had registered a net profit of Rs 175.44 crore in 2018-19.
Its revenue from operation in 2019-20 was down 10.32 per cent at Rs 5,365.66 crore. It was Rs 5,983.14 crore in the preceding fiscal.
FEL handles backend operations of the group’s retail business.
On August 29, 2020, Future group had announced to sell the retail and wholesale business to Reliance Retail.
It has announced to merger 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 in August.
Credit: Stocks-Markets-Economic Times