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.