INDIA: Pantaloon posts profit increase
Pantaloon Retail, a subsidiary of India's Future Group, has booked an increase in profits for the first nine months of the year.
For the period ended 31 March, net profit amounted to INR1.27bn (US$28.6m), against INR1.04bn a year earlier.
Net sales reached INR42.9bn compared to INR46.8bn in the prior year.
Profit from operations edged up slightly to INR3.9bn from INR3.8bn in 2009.
However, Pantaloon said its move to restructure the business, including plans to move its value retail business to its wholly-owned subsidiary Future Value Retail, meant it could not publish comparable numbers.
“In view of the management's decision to realign the business of the company, including recent transfer of 'value retail business' to its wholly owned subsidiary, the performance of the quarter ended and nine months ended would not be comparable with the previous years corresponding periods,” the firm said.
As a result, Pantaloon said it proposes to “evolve to the consolidated reporting” from the coming financial year to give a “holistic view” of the performance.
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