Unexpectedly high cost increases in Gabon have forced Precious Woods to take drastic measures to reduce costs in order to secure the basis for the economic security of its operations in the short and medium term. In Gabon, the Company has recorded considerable cost increases since last year. In 2021, export taxes increased unexpectedly and the income tax reduction ended. From mid-2022, fuel prices increased by almost 100%. The current situation in sales markets leaves little room for further price increases. Therefore, due to the increase in fuel prices, several wood species can no longer ...
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