Ozon Reports Strong Q1 2023 Turnover and Profit Rebound Amid Bond Restructuring

Ozon, a Russian online retailer, reported a 71 percent rise in first quarter trade turnover to 303 billion rubles for January through March 2023. This indication comes from Kommersant, citing the market press service. The company also posted a net profit of 10.7 billion rubles for the reporting period, reversing a 2022 first quarter result that showed a loss of 19 billion rubles. Ozon’s press service explained that the net profit in the quarter reflects a one time non cash effect tied to bond restructuring, as the company completed the debt rearrangement process and revalued certain assets. In the middle of April, Ozon’s press office clarified that in 2022 the overall sales turnover rose by 86 percent versus 2021, reaching 832.2 billion rubles. Earlier in May, Kommersant referenced IFRS information noting Ozon Bank had a loss of 196.3 million rubles at the end of 2022, while Wildberry Bank recorded a loss of 8.9 million rubles.