The Ceylon Tobacco Company (CTC) recently released its financial report for the first quarter of 2016. The significant fact is the company having paid the Government Rs. 25.6 billion as taxes during the first three months of 2016. When compared to the same period of the previous year, this is an increase of 20 per cent.
The gross profit after taxes of the company during the first quarter of 2016 has grown by 22.7 per cent, from Rs. 2,490 million to Rs. 3,056 million.
Meanwhile, the company’s recorded profit during this relevant period is Rs. 29,572. When compared against profit of Rs. 25,916 million during the first quarter of 2015, this is a growth of Rs. 3,656 million or 14 per cent.
The significant feature here is that even after the Government’s decision to increase the prices of cigarettes again in October 2015 it had not caused any adverse impacts on the company’s profitability.
Meanwhile, the company has declared an interim dividend of Rs. 15.60 per share for the first quarter of 2016.