DHAKA: Britain’s biggest retailer Tesco announced Wednesday that it had plunged massively into the red last year as it took a hit on the value of its property.

Tesco, which was hit by a major crisis last October after accounting errors that overstated profits, reported a loss after tax of £5.74 billion in the 12 months to the end of February.

That compared with a net profit of £974 million in 2013/14, the group said in an earnings statement.

‘It has been a very difficult year for Tesco,’ chief executive Dave Lewis said in the statement, reports The Straits Times.

BDST: 1534 HRS, APR 22, 2015
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