Russia's Ozon plans to reach operational break-even in next 12 months

Ozon Holdings

31/05/2022 12:59

May 31 (Reuters) - Russian e-commerce firm Ozon  OZON.O 
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.
 urn:newsml:reuters.com:*:nL1N2XM17G
    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)

 (Reporting by Reuters)