Rocket Internet sees start-ups on track for profitability

Reuters News
Posted: May 31, 2017 2:44 AM

BERLIN (Reuters) - German e-commerce investor Rocket Internet <RKET.DE> said it is on track to turn three of its leading start-ups profitable by the end of the year as it reported lower losses in the first quarter on Wednesday.

Chief Executive Oliver Samwer made the comments on a call with journalists after Rocket Internet reported results for its leading holdings and said it remained well funded with 1.5 billion euros ($1.68 billion)of cash.

Samwer declined to comment on possible flotations after Reuters reported that online food takeaway firm Delivery Hero is set to float before the summer break, while meal kit company HelloFresh could follow in the autumn.

Aggregate revenue rose 28 percent to 617 million euros ($689.44 million) in the first quarter, while the adjusted loss before interest, taxation, depreciation and amortization was 100 million euros, down from 120 million a year ago.

(Reporting by Emma Thomasson; Editing by Edward Taylor)