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Yue Yuen Industrial (Holdings) Ltd update on strike and adjustment of employee benefit payments

Friday, 25 Apr 2014 09:39am EDT 

Yue Yuen Industrial (Holdings) Ltd:Says more than 80% of the employees in the Gaobu Factory has returned to work.Estimates the loss caused directly by the interruption of Gaobu Factory operations is about $27 mln, including additional costs for air freight, loss of profit due to production disruptions, and other fixed costs incurred.On April 17, the Company announced that the adjustment of Employee Benefit Payments may have a material adverse effect on the financial performance of the Group.Subsequently, the Company agreed to provide employees of the Gaobu Factory with an additional living allowance of 230 Renminbi per month.It is estimated that the adjustment to the Employee Benefit Payments, together with the said monthly living allowance, will increase the Group’s employee benefit expenses for the year ending Dec. 31 2014 by about $31 mln. 

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