Indis's retaining sector player, Pantaloon Retail has recorded a disappointing net loss of Rs 20.4 crore in the October-December quarter of the current financial year.

The company had recorded a profit of Rs 5.6 crore in the same period of the previous year. The company said that its net sales increased 18 per cent to Rs 1,253 crore during the third quarter of of the current financial year compared to Rs 1,065 crore recorded in the same quarter of the previous year.

India's largest retailer recommended a dividend of Rs 1.10 for each quity share of Rs 2 and Rs 1.14 per class B shares of Rs 2. The company said that its depreciation charges increased 37.5 per cent to Rs 66 crores, compared with Rs 48 crores in the third quarter of the previous financial year. Interest charges too increased to Rs 76 crores, against Rs 74 crores in the corresponding period of the previous year.

The company said that its total debt stood at Rs 5,431 crores as of December, 2012. The company had said that its debt would fall after the sale of the Pantaloons format to Aditya Birla Retail and the establishment of Future Lifestyle Fashions. The retail chains now runs about 1,200 stores spread across 90 cities and 60 villages.