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Sri Lanka British American Tobacco unit net up 15-pct
11 Nov, 2012 15:32:48
Nov 11, 2012 (LBO) - Sri Lanka's Ceylon Tobacco Company Plc, a unit of British American Tobacco said profits in the September 2012 quarter rose 15 percent to 2.3 billion rupees despite sales volumes falling.
The firm reported earnings of 12.28 rupees per share for the quarter. During the nine months to September it reported earnings of 33.06 rupees per share on total profits of 6.19 billion rupees.

The profits were helped by a forex gains on a US dollar denominated deposit and a surplus on a gratuity fund which reduced provisions, the firm said.

In the September quarter revenues rose 10.9 percent to 21.6 billion rupees, taxes including excise, value and nation building tax rose at a slower 9.5 percent to 16.6 billion rupees allowing net revenues to grow 15.7 percent to 5.0 billion rupees.

The firm said it paid 47.8 billion rupees to the government in taxes, up 9.0 percent from a year earlier, while sales volumes dropped 2.6 percent.

Ceylon Tobacco said it was growing the premium segment. Export sales were up 78 percent off a small base to 70 million rupees.

Authorities were also cracking down on illicit cigarettes with 679 raids netting 43 million sticks valued at 946 million rupees.

The firm has also gone to courts over new graphic labeling requirement. The move had been delayed to next March by the health ministry.

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