Saturday , January 28 2023

Gilimex profits plummet as Amazon slashes orders

Garment manufacturer Gilimex’s profits plunged 92% year-on-year in the last quarter to VND10 billion ($426,000) as e-commerce giant Amazon canceled most of its orders.

Its revenues fell by 81% to VND262 billion.

The Ho Chi Minh City-based manufacturer of bags and storage items sued Amazon for US$280 million in a U.S. court last month saying that in April 2022 the e-commerce company had “immediately changed and reduced the projected demand” for the remainder of 2022 and 2023 to a fraction of earlier volumes.

This left it with excessive inventories, which rose by 135% to VND1.27 trillion between June and December.

For the full year Gilimex’s revenues fell by 23.7% to VND3.17 trillion, but post-tax profits rose by 9.4% to VND361 billion.

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