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

·1-min read
FILE PHOTO: A view shows the pick-up point of the Ozon online retailer in Moscow

(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)

(Reporting by Reuters)

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