Pantaloon Retail's full year profit dips 54%

Higher depreciation charges, interest and employee costs have brought down the net profit of Pantaloon Retail, the country’s largest retailer, by 54 per cent for the financial year 2009.

The company’s financial year ends on June 30.

According to its consolidated result numbers, Pantaloon Retail saw a net profit of Rs 10.07 crore for the financial year 2009, compared with Rs 21.93 crore in financial year 2008.

The company’s employee costs, depreciation and interest charges went up 30 per cent, 75 per cent and 87 per cent respectively in financial year 2009, according to the consolidated results posted by the company.

However, net sales also saw a rise of 31 per cent at Rs 7,669.04 crore in financial year 2009, compared with Rs 5,840.54 crore it posted last year.

Meanwhile, the company has appointed Vijay Biyani as a whole-time director on its board.

Biyani is the elder brother of Pantaloon Managing Director Kishore Biyani.