Business reports record loss after $280 million Amazon lawsuit

Binh Thanh Import-Export Production and Trading Joint Stock Company (Gilimex) has just reported its business results for the first quarter of 2023. According to the consolidated financial statement (BCTC), revenue reached 156.9 billion VND, down 88% over the same period. The parent company's after-tax profit was negative 38.6 billion VND, down 135% over the same period. This is a record loss quarter since 2002.

According to Gilimex's explanation, in the last quarter, the economic situation was difficult, orders decreased, so sales revenue decreased compared to the same period.

Regarding industrial real estate activities, the company is in the process of accelerating infrastructure construction to hand over land to secondary investors in the next quarter. Therefore, the general operating costs of the industrial real estate segment have increased sharply. Revenue from this segment will be recorded in the following quarters.

In 2023, Gilimex plans to do business with revenue of 1,500 billion VND, expected pre-tax profit of 103.5 billion VND.

Late last year, Gilimex filed a lawsuit against e-commerce platform Amazon. Gilimex accused Amazon of unfair trade practices, breach of contract and breach of fiduciary duty.

Gilimex is seeking about $280 million in damages to cover costs, including the cost of containers it produced, raw materials it purchased and investments in manufacturing facilities during the pandemic.

At the recent shareholders' meeting, a Gilimex representative said the lawsuit is taking the next steps.

Business News

The stock market has a number of other important events of listed companies.

* HAG : Hoang Anh Gia Lai announced that its first quarter net revenue reached nearly 1,697 billion VND, up 111% over the same period last year. Pre-tax profit reached 304 billion VND, up 27% over the same period last year.

* PLX : Vietnam National Petroleum Group ( Petrolimex ) announced its consolidated financial statements for the first quarter of 2023. The company recorded net revenue of VND 67,432 billion. Profit after tax reached VND 667 billion, up 51%.

* GVR : Vietnam Rubber Industry Group announced its financial statements for the first quarter of 2023 with revenue reaching VND 4,135.2 billion. Profit after tax was recorded at VND 755.68 billion, down 42.6% over the same period.

* SGT : Saigon Telecommunication Technology Joint Stock Company (Saigontel) announced its financial statements for the first quarter of 2023. Revenue reached VND 93.38 billion, down 77.3% over the same period. Profit after tax recorded VND 5.56 billion, down 97.1% over the same period.

* REE : In the first quarter, Refrigeration Electrical Engineering Corporation recorded net revenue of VND 2,368.8 billion. Profit after tax was VND 1,054.8 billion, up 10% compared to the first quarter of 2022.

* LDG : LDG Investment JSC announced its financial statements for the first quarter of 2023 with revenue reaching VND 0.71 billion, down 99.4% year-on-year. Profit after tax recorded a loss of VND 69.98 billion, down VND 72.38 billion year-on-year.

* HSG : Hoa Sen Group Corporation announced its financial statements for the second quarter of the 2022-2023 fiscal year. HSG's revenue reached VND 6,980.9 billion, down 44.9% year-on-year. Profit after tax was recorded at VND 250.6 billion, up 7.1% year-on-year.

* FRT : In the first quarter, FPT Digital Retail Joint Stock Company (FPT Retail) recorded a slight decrease in revenue of 0.4% compared to the same period, equivalent to a decrease of VND 32.77 billion, to VND 7,752.87 billion.

Stock Trading

* NVL : NovaGroup JSC, a major shareholder of No Va Real Estate Investment Group JSC (Novaland), had more than 3.46 million shares sold by a securities company, pledged from April 24 to April 27.

* DIG : Ms. Ha Thi Thanh Chau, sister-in-law of Mr. Nguyen Thien Tuan - Chairman of the Board of Directors of Construction Development Investment Corporation (DIG) only sold more than 67,000 DIG shares, out of a total of 185,000 shares registered for sale from March 30 to April 28. Ms. Chau still holds more than 206,000 DIG shares, accounting for 0.03%.

* ACL : Mr. Tran Tuan Khanh, Deputy General Director of Cuu Long An Giang Seafood Import-Export Joint Stock Company (ACL) registered to sell all of more than 2.37 million shares. The transaction is expected to take place from May 9 to June 7, by negotiation and order matching.

* SAM : National Securities Corporation (NSI), a shareholder of SAM Holdings Corporation (SAM), sold all of its more than 2.96 million shares from April 6 to April 28 by negotiation.

* DDG : Ms. Yang Kieu An, daughter of Ms. Tran Kim Sa - General Director of Dong Duong Import Export Industry Investment Joint Stock Company (DDG) sold more than 0.52 million shares from April 21 to April 25. Ms. Kieu An still holds more than 477,000 DDG shares, accounting for 0.8%.

* TVC : Ms. Pham Thanh Hoa, Member of the Board of Directors of Tri Viet Asset Management Group Corporation, bought 1 million shares from April 7 to April 27. Ms. Hoa currently owns more than 2.99 million shares, accounting for 2.52%.

VN-Index

At the end of the session on May 4, VN-Index decreased by 8.51 points (-0.81%), down to 1,040.61 points.

HNX had 78 stocks increase and 94 stocks decrease, HNX-Index increased 0.68 points (+0.33%), to 208.15 points. Total matched volume reached more than 85.4 million units, worth 1,253 billion VND.

UpCoM-Index decreased by 0.5 points (-0.64%) to 77.27 points. Total matched volume reached more than 28.2 million units, worth 400.2 billion VND.

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