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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Govt. puffs more revenue from fags

Govt. puffs more revenue from fags

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1Govt. puffs more revenue from fags Empty Govt. puffs more revenue from fags Tue Jul 31, 2012 2:18 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Ceylon Tobacco Company (CTC) said yesterday it contributed Rs. 31.2 billion to Government revenue in the first half of 2012, up 8% over the same period last year despite a 2% drop in cigarette volumes.

“While overall volume was down, the company recorded a 56% growth in the premium segment, driven by the launch of its innovative variant Dunhill SWITCH, which now accounts for nearly 48% of the Dunhill business. Export volume has increased by 78% off a small base, increasing export revenue from Rs. 19 million to Rs. 43 million,” CTC said.

It said the Government’s law enforcement agencies continue to effectively curtail the spread of unauthorised and illicit tobacco products, supporting CTC’s performance. In the first half of 2012, a total of 435 raids had yielded 34 million illegal sticks at a market value of Rs. 748 million.

CTC said in the first half ended 30 June 2012, profit after tax stood at Rs. 3.9 billion, driven largely by one-off improvements in Other Operating Expenses (OOE) and an aggressive cost savings drive.

One off improvements in OOE included a gain on US dollar deposits, the lack of contribution to the gratuity fund versus Same Period Last Year (SPLY) due the recognised surplus in the fund, and different expenditure phasing for the Sustainable Agriculture Development Program (SADP). The gap in OEE versus the corresponding period in the previous year will close though the second half as timing differences for expenditure will get adjusted.

CTC Directors have recommended a second interim dividend of Rs. 12.80 per share, which will be paid on 17 August 2012.

The company also said CTC’s flagship CSR initiative, the Sustainable Agricultural Development Programme (SADP), continues to empower livelihoods of families living below the poverty line in rural Sri Lanka.

The total number of beneficiaries in this program has grown to 11,864 families or 44,309 persons across 13 districts, out of which 7,871 families have graduated from the program and are enjoying the benefits of reaching economic self-sufficiency in a sustainable manner. The company aims to extend SADP to 1,800 families in 2012, out of which 1,600 families will be selected from the Northern Province.
http://www.ft.lk/2012/07/31/govt-puffs-more-revenue-from-fags/

2Govt. puffs more revenue from fags Empty Re: Govt. puffs more revenue from fags Tue Jul 31, 2012 2:54 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Booze and cigarettes bring so much to government. No matter what the hype is very few governments will honestly discourage these unless they are oil rich or for religious reasons.

sriranga

sriranga
Co-Admin
July 31, 2012 (LBO) – Sri Lankan smokers had coughed-up 31.2 billion rupees in taxes through cigarettes sales during the six-months of this year, the island’s sole legal tobacco maker Ceylon Tobacco Company PLC said.

A unit of British American Tobacco Holdings, Ceylon Tobacco Company said it paid eight percent more in taxes during the six-months to June this year, over the same period a year earlier.

Sri Lanka’s cigarette consumption has gradually slowed over the years, as the government enacted tough laws and stepped-up awareness campaigns to curb smoking.

In a Stock Exchange filing on its interim financials, the Colombo-based company noted a two-percent drop in cigarette volumes during the period under review.

For the three-months to June, CTC reported 20.8 billion rupees in gross revenues, over 19.1 billion reported in the same period 2011. The company paid out 13.5 billion rupees in taxes during the quarter, as against 12.6 billion a year earlier.

It reported net revenues of 4.8 billion rupees, over 4.2 billion rupees in the corresponding quarter.

Profits grew to 2.4 billion rupees in the June quarter, up from 1.8 billion rupees a year earlier.

The stock reported earnings per share of 12.84 rupees. It is among the top dividend paying firms and paid 12.80 rupees per share during the interim period.

For the six-month to June, CTC reported net profits of 3.9 billion rupees over 2.6 billion rupees a year earlier.

It said six-months profits were driven largely by one-off improvements in US dollar deposits (due to a weak rupee) and an aggressive cost savings drive.

“While overall volume was down, CTC recorded a 56 percent growth in the premium segment, driven by the launch of its innovative variant Dunhill SWITCH, which now accounts for nearly 48.0 percent of the Dunhill business,” the company told shareholders.

Export volume rose 78.0 percent off a small base, which helped sales from overseas shipments to rise to 43.0 million rupees in June, from 19.0 million rupees a year earlier.

To remain competitive, CTC has trimmed costs and improved productivity in labour and materials over the years.

British America Tobacco owns 84.13 percent of CTC’s stock.
http://lbo.lk/fullstory.php?nid=2051096980

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