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Sri Lanka cigarette sales near pre-Covid-19 levels in Sept, tax revenues up

ECONOMYNEXT – Sri Lanka’s cigarette sales have recovered to almost pre-Covid-19 levels in the September 2020 quarter, Ceylon Tobacco Company Plc, a unit of British American Tobacco said.

Net profit after taxes rose 9 percent to 4.9 billion rupees.

The firm reported earnings of 26.3 rupees per share for the quarter. For the nine months to September, the firm reported earnings of 63.87 rupees per share, amid a lockdown from around March to May.

“The Company’s performance in the three months ended 30th September 2020, show a healthy recovery
reverting to nearly early 2020 pre-COVID-19 levels and posted a growth in sales volumes in comparison to the previous quarter of the year due to countrywide resumption of economic activities from mid-May onwards,” CTC said.

“The business recovery for the quarter is encouraging and the Company is cautiously optimistic of the future in anticipation of the gradual revival of the economy and robust plans in place to drive productivity and efficiency improvements for the balance period of the year.

“Effective management nationally of the global pandemic will be crucial and the Company is committed
towards the continuation of business activities subject to strict compliance with employee health and safety guidelines and other directions of the Government.”

Sri Lanka’s Western province is now again in partial lockdown from October.

CTC said revenues (with taxes) grew 26 percent to 44.5 billion rupees after price hikes, with taxes to the government rising from 26 billion rupees to 33 billion rupees.

The firm’s own revenues went up 23 percent to 11.03 billion rupees.

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