Pantaloon Retail, India’s largest retailer, has posted a 79% fall in fourth-quarter profits despite booking a rise in sales.

Net income for the quarter ended 30 June was INR211.6m (US$3.8m), compared to INR987.8m the same period last year. The company was hit with a 73.9% increase in finance costs in the quarter to INR323.68m.

However, core retail EBITDA increased 5.4% to INR2.79bn. Sales were up 7.1% to INR36.16bn, while core retail net sales climbed 3.6% to INR29.63bn.

For the full year, net profit slumped 55.4% to INR635.1m, while sales and operating income jumped 9% to INR130.31bn.

In May, the company revealed intentions to demerge its Pantaloon retail chain business and partner with Aditya Birla Nuvo.

Earlier this year, Pantaloon Retail’s parent company Future Group reportedly halted talks to sell a 49% stake in its sourcing and manufacturing operations to Japanese retailer Lawson.

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