MOSCOW, May 24. /TASS/. Net profit of Ozon under International Financial Reporting Standards (IFRS) amounted to 10.7 bln rubles ($133 mln) in Q1 2023 compared to 19.1 bln rubles worth of net loss in the same period last year, the Russian online commerce company reported on Wednesday.

Profit increased due to a one-time financial gain from the extinguishment of financial liabilities, the company said.

Total revenue grew by 47% year-on-year, driven by a 120% increase in service revenue in Q1 2023 as a result of rapid growth in advertising revenue as well as greater marketplace commissions, Ozon said.

GMV including services rose by 71% in the reporting period year-on-year to 303 bln rubles ($3.7 bln). Growth in the number of orders accelerated to 93% year-on-year, "driven by a larger customer base and a rising order frequency," the retailer said. The number of active buyers expanded to 37 mln as of March 31, 2023. Order frequency per active customer almost tripled in the last two years and reached 15 orders per annum.