Thai-owned consumer electronics company Casper reported a loss of nearly VND467 billion ($19.8 million) for last year after being in the black in 2021.
Casper Vietnam told VnExpress that the loss was due to a 58% jump in sales support expenses to VND1.095 trillion.
“We have sacrificed profits to increase our market share, keep distribution channels stable, and better serve customers.”
Revenues rose by 19% to VND5.6 trillion.
Last year the company issued bonds worth VND300 billion for three years at a coupon rate of 11%.
According to data from market research firm GfK published in February, Casper has the third largest share in the air conditioner market after Panasonic and Daikin. In the TV segment, it ranks fifth in terms of sales.
According to Mobile World Investment Joint Stock Company, a major retailer of electronics and smartphones in Vietnam, the demand for electronics goods in 2022, especially in the second half, fell sharply due to the difficult economic situation.
In Vietnam, Casper targets low-income consumers. According to Mobile World, low-income earners currently have difficulty getting consumer loans to buy home electronics items.
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