CTC puffs up Rs.3.05bn net profit for June quarter

Ceylon Tobacco Company PLC (CTC), the local unit of British American Tobacco, saw its net profit for the quarter ended June 30, 2016 (2Q16) increasing to Rs.3.05 billion from Rs.3.01 billion reported in the corresponding period of the previous year (2Q15), the interim financial accounts released to the Colombo bourse showed.  

The earnings per share improved to Rs.16.28 from Rs.16.12. The directors have recommended a second interim dividend of Rs. 16.70 per share to be paid by August 30, 2016, CTC said. 
The company reported a revenue of Rs.30.07 billion, up from Rs.26.65 billion 2Q15, helped by higher cigarette prices amid higher taxes charged and relatively stable sales volumes.
The company paid Rs.24.6 billion to the government during the quarter in the form of Excise tax, corporate tax and other levies, up from Rs.22.3 billion in 2Q15.
The quarter saw a steep increase in other operating expenses to Rs.1.36 billion from Rs.699 million yoy.

On the other hand, the net interest income rose to Rs.189 million from Rs.134 million.