Sri Lanka cigarette maker says sales up 11-pct in March quarter

ECONOMYNEXT – Sri Lanka’s Ceylon Tobacco Company said cigarette sales have grown 11 percent in the March 2018 quarter from a year earlier, with net profits up 16.8 percent to 3.73 billion rupees.

The company reported earnings of 19.95 rupees per share for the quarter. The stock closed at 1,048 rupees.

Gross revenues with taxes grew 15.2 percent to 35.57 billion rupees and government turnover taxes rose 15.54 percent to 27.5 billion rupees.

Net revenue grew 16.8 percent to 3.73 billion rupees.

Raw material costs rose to 675 million rupees from 666 million rupees a year earlier.

The company said there was a spike in smuggling after taxes were raised, but authorities were combatting it. (Colombo/May15/2018)

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