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Future Retail reports net loss of Rs 9.46 crore in Q2

16 Aug 2013 Evaluate

Future Retail has reported results for second quarter ended June 30, 2013.

On standalone basis, the company has reported a net loss of Rs 9.46 crore for the quarter ended June 30, 2013 against net profit of Rs  261.53 crore for the corresponding period last fiscal. Total income decreased by 69.66% at Rs 349.60 crore during the quarter under review from Rs 1152.22 crore in the year-ago period.

The Composite Scheme of Arrangement and Amalgamation between Pantaloon Retail (India) (now known as - Future Retail) and Future Lifestyle Fashions  (FLFL) and Indus-League Clothing and Lee Cooper (India) and Future Ventures India  and their respective shareholders and creditors (the FLF Scheme) under the provisions of sections 391 -394 of the Companies Act, 1956 for demerger of its fashion business with effect from Appointed Date of January 01, 2013, as defined in the FLF Scheme, has been given effect on May 29, 2013, after receipt of High Court approval. Pursuant to the same, all the assets and liabilities pertaining to the Fashion Format Business has now been demerged and vested in FLFL. Accordingly, the shares of FLFL have been issued to the shareholders of the Company as on the June 25, 2013, as per entitlement ratio stated in the FLF Scheme. In view of the same, the present quarter and six months ended 30 June, 2013 financial result does not include performance of the Fashion Format Business. Accordingly, the previous period's figures are not comparable.

Future Enterprises Share Price

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