Ho Chi Minh City Stock Exchange (HoSE) has just reminded about the delay in announcing the explanation for the 2023 semi-annual financial statements of Binh Thanh Import-Export Production and Trading Joint Stock Company - Gilimex (GIL).
Gilimex announced its 2023 semi-annual financial statements on August 11, 2023, recording net revenue from sales and service provision of VND 426 billion. Of which, the cost of goods sold alone accounted for VND 420.7 billion, leaving gross profit at only VND 5.3 billion.
Gilimex (GIL) was reminded due to the delay in announcing the explanation of the 2023 semi-annual financial statements (Photo TL)
Compared to the first 6 months of 2022, Gilimex's revenue decreased by 84.2%. Gross profit decreased by nearly 99% compared to the same period. Meanwhile, the unit's financial revenue and financial profit also decreased to only 68.1 billion and 34 billion VND, respectively.
Sales expenses were recorded at 2.5 billion, business management expenses were 73.7 billion VND, both decreased sharply compared to the first 6 months of 2022. After deducting all expenses, Gilimex recorded a loss after tax of nearly 44 billion VND while in the same period, it had a profit after tax of 223.3 billion VND.
Compared to the business plan set at the beginning of the year, with revenue at 1,500 billion VND and pre-tax profit expected at 103.5 billion VND, the company has only completed 28.4% of the revenue plan. With a loss of nearly 44 billion, Gilimex is still far from the annual profit plan.
At the end of the second quarter of 2023, Gilimex's total assets reached VND 3,523.6 billion, down 11.7% compared to the beginning of the year. Of which, equity accounted for VND 2,473.6 billion, equivalent to 70.2% of the unit's total capital.
Gilimex's cash flow statement shows that the unit's net cash flow from operating activities is negative at VND217 billion. Mainly due to inventory reduction and pressure from losses in the period weighing on revenue.
Gilimex is a company that has been affected by the Amazon order cancellation incident. This incident has caused the company's revenue to plummet, along with the pressure from factory investment costs to prepare orders for Amazon partners. Gilimex once planned to sue Amazon for $280 million in compensation, but the case has yet to have an official result.
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