Future Retail reports loss of ₹692 crore in September quarter1 min read . Updated: 13 Nov 2020, 01:30 PM IST
- Revenues fell sharply to ₹1,424 crore vs ₹5,449 crore in the same period of the previous year.
Future Retail reported a loss of ₹692.36 crore in the quarter ended September 2020, as compared to a profit of ₹165.08 in the same period of the previous year. Revenues fell sharply to ₹1,424 crore vs ₹5,449 crore in the same period of the previous year.
In a statement, Future Retail said: "COVID 19 pandemic has had a significant impact on the business operations and the financial results of the Company for the quarter and six months ended September 30, 2020. The company will continue to closely monitor any material changes to future economic conditions. The company continues to take various precautionary measures to ensure health and safety of its customers, employees and their families from COVID-19 pandemic."
The Future Group and Amazon have been locked in a battle after the US-based company took Future Retail into an emergency arbitration over alleged breach of contract.
The Singapore International Arbitration Centre on October 25 had passed an interim order in favour of Amazon barring Future Retail from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party.
Kishore Biyani-led Future Retail Ltd (FRL) Thursday told the Delhi High Court that Amazon was not its shareholder and has no say in its affairs and the interim order passed by the Singapore International Arbitration Centre (SIAC) was of no value.
The court had on November 10 sought response of Amazon on Future Retail’s plea alleging that the e-commerce major was interfering in its ₹24,713 crore deal with Reliance Retail on the basis of an interim order by a Singapore arbitrator. (With Agency Inputs)