Phu Thinh-Nha Be Garment is to halt its apparel manufacturing business, as well as to delist all its 2.2m shares on the Hanoi Stock Exchange. This decision was made to overhaul its operations, which have been declining since 2012.
Net profits of the Ho Chi Minh City-based clothing producer have dropped from VND7.5bn (US$333,000) in 2012 to an estimated loss of more than VND2bn (US$88,000) in 2016, the first year the company reported a loss. Meanwhile, sales have decreased 21.5% year-on-year to VND33bn (US$1.46m) last year.
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