BAT Sri Lanka unit March net up 23-pct

ECONOMYNEXT – Ceylon Tobacco Company PLC, the Sri Lankan unit of British American Tobacco Holdings said March 2016 quarter net profit rose 22.7 percent to just over Rs3 billion from a year ago.

Sales of the firm, in which foreign funds are among top shareholders, rose 14 percent to Rs29.6 billion over the period, a stock exchange filing said.

Earnings per share for the quarter were Rs16.31 up from Rs13.29 the year before.

Ceylon Tobacco Company said its tax payments to the government during the first quarter of 2016, in the form of excise tax, corporate tax and other levies, increased 20 percent to Rs25.6 billion over the same period last year.

This was “driven primarily by higher prices as a result of the excise-led price increase experienced in October 2015 and relatively stable volumes during the first three months of 2016,” it said.

“Top-line growth for the three months ended 31 March was spearheaded by mainstream and premium segments in the company’s brand portfolio,” CTC said.
(COLOMBO, May 11 2016)

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