Eastern Co. allowed to store tobacco for up to two years, expects to top budgeted revenue figure by 20%
Eastern Co. [EAST.CA] was given permission by the Ministry of Finance to store tobacco for a period of up to two years (compared to one year previously) to protect the company against a variety of macroeconomic risks (fx risk, crop yield risk, etc), allowing it to age its own tobacco and source it at favourable prices. The company also announced that it is expecting a 20% increase in top-line vs. the budgeted figures in FY18/19e on growth in both export and local sales.
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