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| Sunday, 24 July 2005 |
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CTC Group operating profit up 11% to Rs. 758m in 1 H, 2005 The Ceylon Tobacco Company (CTC) Group recorded an operating profit of Rs. 758 million for the first half of 2005 which constitutes a growth of 11.0% compared to the same period last year, a statement from the company said. Group gross revenue has grown by 11.7% in comparison to the same period last year mainly due to the excise led price increases in September 2004 and April 2005. Government revenue has increased by Rs. 1.5 billion to Rs. 15.5 billion, an increase of 11.2% compared to the same period last year. Whilst total volumes have remained relatively stable the value for money brands have shown a decrease of 13.4%. The company continues to place emphasis on a level playing field within the industry in the light of the amnesty purportedly granted to manufacturers of illicit 'white' cigarettes. If the current amnesty continues there will be a further deterioration in volumes in the value for money brands which will in turn pose a threat to the legal industry and government revenue, the statement said. A first interim dividend of 10% was paid on April 29, 2005. A second interim dividend of 12% declared on July 7, 2005 will be paid on July 29. |
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