Ceylon Tobacco Company (CTC) said this week continued investment in key brands resulted in a satisfactory performance to date while aggressive cost management activities have continued to generate additional productivity savings to offset the higher tobacco leaf prices.
These activities, coupled with a better brand mix and sales value have resulted in a growth of Rs.144 million in net profit for the three months ended 31 March 2010. In a press release, the company said government revenue for the period increased by Rs.475 million to Rs.11.9 billion due to the excise-led price increase in 2009 and an improved brand mix.
CTC said provincial council tax grew by Rs.30 million to Rs.770 million. According to the company, law enforcement authorities seized 17 million counterfeit smuggled cigarettes valued at more than Rs.250 million. A total of 298 raids were conducted in the first three months of 2010 compared to 165 raids in the same period last year. The press release stated that CTC’s revenue and contribution to government taxes and levies benefited from robust law enforcement to minimize counterfeit and smuggled cigarettes in Sri Lanka.
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