Wednesday, February 2, 2011

Smoking results for CTC

Ceylon Tobacco Company (CTC) posted strong results for the 2010 financial year in the backdrop of improved market conditions and opening of the North and East market. This growth has benefited the state coffers to the tune of Rs 55.4 billion, the company said in a statement.

According to the 2010 year end financials, gross revenue for the period was Rs. 64 billion up by 6.3% compared to the previous financial year. Profit after tax was a whopping Rs. 5.1 billion a jump of 23.8% from 2009. Along with the results the company announced another smoking dividend of Rs.7.22 per share subject to shareholder approval. In total four interim dividends have been paid for the year amounting to Rs. 19.95.

Commenting on the strong performance CTC Chairman Jayampathi Bandaranayke stated, "From a commercial perspective for CTC, the year has been one that is definitive in shaping the marketing context, with the integration of the North and East to the mainstream economy"

The company further said the performance was mainly due to the crackdown on illicit tobacco by the law enforcement authorities. This move has led to the capture of 74 million of illegal sticks worth Rs 1.2 billion.

The new CEO of the company James Yamanaka said, "Our strategic focus on Growth, Productivity, Responsibility and developing a Winning Organization continues to underline the growth in our revenue and is pivotal in positioning the company towards future value enlargement".

The strong performance was reflected at the share market and according to the report the scrip value of the share grew by 92% helping to drive shareholder value.


source - www.dailymirror.lk

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