Russia's Ozon plans to reach operational break-even in next 12 months
Reuters
Published May 31, 2022 13:04
(Reuters) - Russian e-commerce firm Ozon plans to reach operational break-even in the next 12 months, the company's finance chief Igor Gerasimov said on Tuesday.
"We've started to improve the economy - you can see that in the first quarter of this year (...) In the next 12 months, we intend to reach operational break-even," he said at the forum of entrepreneurs in Moscow.
Ozon's first-quarter net loss widened to 19.06 billion roubles ($311.95 million) from 6.73 billion roubles a year ago, though its gross merchandise value (GMV) jumped 139% to 177.5 billion roubles.
Ozon said on Monday it has failed to redeem some bonds to a group of holders, putting it at risk of a potential default.
It said on Tuesday it was in the process of entering a "standstill agreement" with a number of the holders of the bonds and believes it will reach a deal on the terms of the restructuring in the near term.
($1 = 61.1000 roubles)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.