Home >Companies >Trent profit falls on higher depreciation

Mumbai: Trent Ltd, a Tata group firm that operates the Westside and Star Bazaar retail stores, said profit fell 54% to 11.45 crore in the March quarter from the same period a year ago due to higher depreciation costs.

The company posted a net profit of 24.96 crore in the same quarter a year ago. Net sales grew 11.4% to 332.07 crore.

Depreciation and amortization expenses grew 38% to 9.71 crore during the quarter from 7.04 crore in the year-ago period.

For the full year, the company posted a consolidated net profit of 129.33 crore compared with a loss of 185.13 crore a year-ago. Net sales for the full year stood at 2,236.76 crore, lower than the 2,272.3 crore a year ago.

However, the consolidated earnings figures are not comparable, the company said in a statement to stock exchanges. These figures include the sale of part of the stake held by the company in Trent Hypermarket Ltd and its transition to a joint venture entity. The company had gains of 347.75 crore becasue of the dilution of its stake in Trent Hypermarket.

During the quarter, the company incurred significant restructuring-related charges of 35.64 crore related to its books and music business Landmark. The company also incurred other costs including impairment of fixed assets 2.7 crore and other costs of 4.89 crore.

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