Operations at five Vietnamese suppliers to Feng Tay Enterprises Co (豐泰企業) would remain suspended until Aug. 29 in compliance with the country’s COVID-19 prevention measures, the footwear manufacturer said on Saturday.
The five suppliers are Dona Victor Footwear Co, Dona Pacific (Vietnam) Co, Vietnam Dona Orient Co, Dona Victor Molds Manufacturing Co and Vietnam Dona Standard Footwear Co, the firm said in a regulatory filing.
Operations at another Vietnamese supplier, Vung Tau Orient Co, would be halted until Aug. 25, Feng Tay said.
Photo: EPA-EFE
All Vietnamese suppliers to Feng Tay, which produces shoes for Nike Inc, suspended operations in the middle of last month amid the Southeast Asian country’s worst COVID-19 outbreak since the pandemic began in late 2019.
As Vietnam’s COVID-19 situation remains serious, Feng Tay said that it would continue to enhance pandemic prevention measures while operations are halted.
Feng Tay on Monday last week reported revenue of NT$5.87 billion (US$210.7 million) for last month, down 14.8 percent from NT$6.89 billion in June, but up 13.37 percent from NT$5.18 billion a year earlier.
In the first seven months of this year, revenue totaled NT$44.91 billion, up 14.54 percent from NT$39.2 billion in the same period last year, Feng Tay data showed.
Net profit for the second quarter was NT$1.7 billion, up 80.38 percent from NT$943 million a year earlier, the company said on Thursday.
Revenue grew 23.72 percent from NT$15.92 billion to NT$19.7 billion, it said, adding that earnings per share were NT$1.93, up from NT$1.07 a year earlier.
In the first half of this year, net profit was NT$3.34 billion, up 50.77 percent from NT$2.22 billion in the same period last year, company data showed.
First-half earnings per share were NT$3.79, it showed.
As operations in Vietnam account for 56 percent of Feng Tay’s total capacity, followed by 20 percent in India and 14 percent in Indonesia, the company’s sales for this month and the entire third quarter might face pressure, analysts said.
Separately, Pou Chen Corp (寶成工業), the world’s largest manufacturer of branded athletic and casual footwear, on Monday last week reported a decline in revenue of 22.1 percent month-on-month and 11.8 percent year-on-year to NT$17.13 billion, ending five months of consecutive increases, as it suspended operations at its plant in Vietnam’s Ho Chi Minh City.
Production at Pouyuen Vietnam Co had been suspended from July 14 through yesterday, and the supplier to Nike and Adidas AG yesterday announced to extend the suspension through Sunday as the pandemic situation remains serious in Ho Chi Minh City.
Pou Chen on Friday reported net profit of NT$3.69 billion for last quarter, compared with NT$6.28 billion in the first quarter and a net loss of NT$525 million a year earlier.
Revenue declined to NT$64.9 billion last quarter from NT$70.9 billion the previous quarter, but increased from NT$63.41 billion a year earlier, Pou Chen said.
Earnings per share were NT$1.25 last quarter and NT$3.38 for the first half of this year, company data showed.
In the first half of the year, the company's retail business accounted for 41.9 percent of the company’s sales, while shoe manufacturing comprised about 57.8 percent, it said.
The company also has investment in Nan Shan Life Insurance Co (南山人壽), electronics, banking and land development.
Shoemaker Sports Gear Co (志強國際) also suspended operations at all of its Vietnamese units — Chi Hung Co, Dai Hoa Co, August Sports Co, All Wells International Co and Can Sports Vietnam Co — from the middle of last month to Saturday.
Sports Gear’s revenue was NT$34.4 million last month, up 51.87 percent from a year earlier, with cumulative revenue for the first seven months increasing 5.3 percent year-on-year, Sports Gear said in a regulatory filing earlier this month.
It has yet to report its earnings for the second quarter.
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