FCEL reports Q1 net loss at Rs 32.35 crore

NEW DELHI: Future Consumer Enterprise Ltd (FCEL), a part of Kishore Biyani-led Future Group, today reported a net loss of Rs 32.35 crore for the first quarter ended June 30, 2015 as against a net loss of Rs 17.21 crore in the corresponding quarter a year ago.

The company also announced a 50:50 joint venture (JV) with Switzerland-based Mibelle AG to manufacture and market FMCG products.

"The Board of Directors of the company has approved to enter into a 50:50 joint venture arrangement with Mibelle AG, Switzerland (a division of Migros Group) by setting up a joint venture entity at Switzerland," Future Consumer Enterprise Ltd said in a BSE filing.

It added: "The proposed joint venture entity is expected to undertake directly or indirectly the business to manufacture, market, distribute, export and deal into personal care products such as body wash, body lotion, hand wash, face wash, skin care creams and other FMCG products."

Future Consumer Enterprise's net sales grew 22.12 per cent to Rs 351.95 crore in the first quarter of the current fiscal as compared to Rs 288.18 crore is the same quarter of previous year.