Rocket's Global Fashion Group losses narrow in H1

jueves 15 de septiembre de 2016 02:43 GYT

By Eric Auchard

FRANKFURT, Sept 15 (Reuters) - Rocket Internet's Global Fashion Group (GFG) reported net revenue rose 36.6 percent on an adjusted, constant-currency basis in the first half of 2016, as operating losses nearly halved, excluding disposals in India and Southeast Asia.

GFG, which is composed of online fashion retail businesses in emerging markets regions, said that, including the revenue contribution from acquisitions in Brazil, net revenue in constant currency rose 47.5 percent to 456 million euros ($512.73 million).

The company said adjusted losses before interest, taxes, depreciation and amortisation (EBITDA) narrowed to 67.6 million euros in the first half of 2016 from 120.5 million euros in the year-earlier period.

The EBITDA margin improved to a negative 14.8 percent in the first half of 2016 from negative 33.4 percent in the first half of 2015, which the company said was driven by tighter inventory management and cost-cutting in its drive to profitability.

GFG sold operations in Thailand and Vietnam for an undisclosed amount to retailer Central Group in April. It sold its Indian fashion business Jabong to Flipkart for $70 million in cash in August, after the closing of the first half.

($1 = 0.8894 euros) (Reporting By Eric Auchard; Editing by Maria Sheahan)