* Aggregate 2016 loss at main start-ups down to 360 mln
* CFO says still aiming to turn 3 firms profitable this year
* CFO says IPO market looking more favourable
* Shares down 0.8 percent
BERLIN, April 25 German e-commerce investor
Rocket Internet said on Tuesday it managed to reduce
losses at its main ventures in 2016 and still aims to turn three
of them profitable by the end of 2017, with share listings still
the ultimate aim.
Founded in Berlin in 2007, Rocket has built up dozens of
businesses from fashion e-commerce to food delivery, but its
share price has tumbled in the last year as it has been forced
to slash valuations for its key start-ups.
Some investors hope its fortunes might turn if it is able to
list some of its businesses, with its largest, online food
takeaway firm Delivery Hero, saying on Monday it could consider
an initial public offering (IPO).
Rocket's chief financial officer Peter Kimpel told a call
with journalists that the IPO market was now looking more
favourable than a year ago, although Chief Executive Oliver
Samwer declined to comment on the same call on concrete IPO
plans, saying that was a matter for the start-ups.
Rocket cut its aggregate losses before interest, taxation,
depreciation and amortisation at its leading holdings to 360
million euros ($391 million) in 2016, a reduction of 234 million
euros on the previous year.
Shares in Rocket, which tumbled in February after major
investor Kinnevik sold half its stake in the company,
were down 0.5 percent at 16.3 euros at 0741 GMT.
The holding company reported a consolidated loss of 741.5
million euros, largely due to impairment charges following a
funding round for emerging market e-commerce firm Global Fashion
Group that slashed its valuation by two thirds.
However, Rocket said it remained well capitalised, with 1.5
billion euros of gross cash at the holding company and 800
million at its main companies and regional groups as at the end
Kimpel maintained its target of turning three of its
start-ups profitable by the end of 2017, noting that Middle
Eastern fashion retailer Namshi has already reached break-even
point and furniture retailers Westwing ang Home24 had trimmed
($1 = 0.9205 euros)
(Reporting by Emma Thomasson; Editing by Greg Mahlich)