Kogan Pauses Trading, As It Posts $11.8M In Losses
Online marketplace Kogan.com has reported a loss of $11.87 million during the last six months of 2021, as warehouses stocked hopefully during the COVID-19 online sales boom become a huge liability for the struggle online marketplace.
Kogan has also paused market trading this morning, writing in a note at 9:57am: “Trading in the securities of the entity will be temporarily paused pending a further announcement.”
Trading recommenced at 12:10pm, with Kogan stating the pause was the “result of a time discrepancy during lodgement.”
This $11.87 million loss stands in stark contrast to the $23.59 million profit Kogan pulled in during the final six months of 2020, in the midst of the pandemic. Adjusted EBITDA sits at $17.4 million, well down from $51.7 million for the December half in 2020.
Kogan.com said revenue for the half rose 1.3 per cent to $419.54 million, with growth coming from recent NZ acquisition Might Ape, as well as Kogan Marketplace and Kogan First.
Profit before tax, however, is down a shocking $47.4 million from the same period in 2020. A lot can change in a year, especially during the most disruptive period in living history.