Future Lifestyle Fashion posts ₹258 crore loss1 min read . Updated: 09 Nov 2020, 07:01 PM IST
- Consolidated revenue from operations declined 74% to ₹409 crore as against ₹1,572 crore in September 2019
MUMBAI : Future Lifestyle Fashions, part of Future group firm Future Enterprises Ltd (FEL), reported consolidated net loss of ₹258 crore for the quarter ending 30 September, 2020 against a net profit of ₹12 crore in the year-ago period.
Consolidated revenue from operations declined 74% to ₹409 crore as against ₹1,572 crore in September 2019.
Future Group is in the process of selling its retail and wholesale business to Reliance Retail for ₹24713 crore. It is merging key group companies including Future Retail, Future Lifestyle Fashions, Future Consumer, Future Supply Chains and Future Market Networks into FEL.
The company's sale plan however has hit a roadblock with Amazon.com Inc objecting to the deal. Amazon last month secured an order from the Singapore International Arbitration Centre (SIAC) barring the sale of Future's assets to RIL.
Future Retail on Saturday approached the Delhi High Court seeking relief against SIAC stay order on ₹24,713 cr-deal with Reliance Industries.
On Monday Future Lifestyle Fashion's scrip closed at ₹72.95, down 1.35% on the BSE.
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