Published on July 15th, 2020 | by The GC Team0
June the first profitable month in 2020 for Gorenje
Appliance manufacturer Gorenje has reported a “positive turnaround” as June was the first profitable month for the business this year due to the impact of COVID-19 in the earlier months of 2020.
The company said it has also gained a larger number of orders for August, September and October, as the result of “a number of timely measures took by the management to strengthen operations, adapt to the situation caused by the coronavirus pandemic, and to improve business results.”
At the end of April this year, due to a sharp drop in orders and revenues as a result of the coronavirus pandemic and a consequent expected negative result in the first half of 2020, Gorenje parent Hisense Europe Group adopted a series of crisis measures to mitigate revenue shortfalls, including redundancies in four companies in Slovenia.
“All these measures have resulted in a positive turnaround,” the company said.
Nonetheless, the half-year business result remains negative, and market conditions remain uncertain and volatile, due to the economic consequences of the pandemic and a potential second wave.
“Neither the company nor the wider business environment has ever faced such unpredictable and rapidly changing circumstances, the duration of which cannot be predicted. Therefore, the company must continue to implement all measures to strengthen the business and continue to respond quickly to changes in the business environment,” the business said in a statement.