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Future Enterprises Reported Net Loss of Rs 320 Crore for Sep Quarter

Future Enterprises Ltd. (FEL) on Wednesday reported a consolidated net loss of Rs 320.56 crore for the quarter ended on September 30, 2020, due to lower revenue from operations. The company had posted a net profit of Rs 21.78 crore for the same quarter a year-ago.
During the quarter, revenue from operations was down to Rs 237.88 crore from Rs 1,699.84 crore in the previous year quarter, FEL said in BSE filing. It said, “Covid-19 pandemic and consequent lockdown imposed throughout the country has had a significant adverse impact on the business operations and the financial results of the company for the quarter ended September 30, 2020.” 
The company develops, owns and leases retail infrastructure for the Future Group. It also handles backend operations of group’s retail business. FEL holds investments in Future group’s subsidiaries and joint ventures including textile manufacturing, insurance, supply chain and logistics.
In August this year, the Future Group had announced that it has sold its retail and wholesale business to Reliance Retail for Rs 24,713 crore. The group has also announced plans to merge its key companies including Future RetailFuture Lifestyle FashionsFuture ConsumerFuture Supply Chains and Future Market Networks into Future Enterprises.
Shares of Future Enterprises closed 1.32 per cent up at Rs 11.52 per share on the BSE, while the benchmark index Sensex closed 0.87 per cent higher at 46,666.46.

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