Russian e-commerce major 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.
Just a day earlier, on Wednesday, the company failed to redeem some bonds to a group of holders, putting it at risk of a potential default, but said it is negotiating with bondholders to find a solution.
Trading of Ozon’s shares on Nasdaq — 14 months after a triumphant IPO — was suspended on Feb. 28. The company says it is restricted from sending cash from its Russian subsidiaries to its Cypriot holding company, Ozon Holdings Plc, which is the issuer of the bonds.
