August 13, 2018 (LBO) – Colombo Stock Exchange (CSE) listed Ceylon Tobacco (CTC) reported robust earnings for the quarter and six months ended June 30, 2018.
CTC earned Rs4.36bn for the quarter, up almost 50% from the previous year. For the 6 months, CTC earned Rs8.1bn, up around 30% from the previous year.
The company reported revenue of Rs74bn for the 6 months, and paid Rs63bn in levies and income taxes.
Despite a strong antismoking stance by the President, CTC continues to be a cash machine making stellar profits and paying massive taxes to the government.
CTC holds a monopoly in Sri Lanka and is 84% owned by British American Tobacco International. It is the most profitable listed company in Sri Lanka and has the largest market capitalisation of any stock on the CSE. Market capitalisation of CTC is approximately US$1.5bn,
The fact that the most valuable company on the stock exchange is a foreign owned monopoly selling a known carcinogen is testament to the unfortunate lack of progress in the Sri Lankan economny.