Camellia Profit To Rise On New Bangladeshi Tea Industry Regulations
Camellia PLC on Tuesday said that its pretax profit for 2018 will increase by GBP8.2 million due to changes in employment benefits payments in Bangladesh.
The agricultural production company said that the government of Bangladesh has declared the tea industry to be exempt from the requirement to make a payment on retirement to employees.
As a result, Camellia will no longer have to pay a provision for post employment benefits which amounted to GBP8.2 million, resulting in a significant profit increase.
Camellia shares were trading up 2.8% at 11,000.00 pence.
Source: http://www.morningstar.co.uk
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