Yue Yuen estimates $37m provision for staff benefits
Updated: 2014-05-21 14:00
(Agencies)
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Chinese shoe manufacturer Yue Yuen Industrial Holdings Ltd said it would make a preliminary provision of some $37 million to an employee benefit programme at its Gaobu factory, part of an agreement that resolved a major strike there.
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Yue Yuen said in a filing later on Tuesday that the final amount of money to go into the employee benefit programme would be determined by the number of applications received and approval by government authorities.
The provisions will be reflected in the company's consolidated financial statements for the six months ending June 30.
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