An increase in full-year sales failed to stem a decline in profits for Bharti Wal-Mart last year, according to reports.
For the 12 months to the end of December, the Indian retailer’s net loss widened by 66% to INR277m (US$4.95m), the Times of India reported.
The decline was despite a 143% increase in net sales for the wholesale firm to INR1.88bn. Bharti opened around 12 new stores last year.
“The accumulated losses of Bharti Walmart as at December 31, 2011 has resulted in erosion of net worth as on that date,” the publication noted from a company filing.