Sat, 13 Aug 2022 Today's Paper

Govt. inhales Rs.15bn from fags; CTC records Rs.1.5bn net in 1Q 12

8 May 2012 05:16 am - 0     - {{hitsCtrl.values.hits}}

A A A

Ceylon Tobacco Company PLC (CTC) contributed Rs.15.3 billion towards government levies during the first quarter of 2012, over Rs 14 billion during the same period last year.

Gross turnover in the company increased to Rs.19.8 billion during the quarter over the previous year’s Rs.18.1 billion whilst CTC’S net profit was recorded at Rs 1.5 billion, from an earlier Rs 814 million. Improved profits were partially credited to reduced operating costs of Rs 1.2 billion, down from Rs.1.91 billion previously, and despite an increase its income tax expenses from Rs.568 million to Rs.1 billion during the quarter.

The reduction in operating costs was however largely down to one-off factors such as the lack of a gratuity provision as a result of a surplus in the company’s benefit plan, as well as a timing difference in CSR related expenses, and cost cutting initiatives

The company’s operating expenses are expected to grow as the timing variance in expenses gets adjusted, according to a statement from the company.

Earnings per share for the quarter stood at Rs.7.95 up from Rs.4.34 last year.

CTC’S improved contribution towards government levies followed a Rs.1 increase in the cost of a cigarette effective from March 30 this year.

Overall CTC paid Rs.66 billion in taxes for the whole of 2011, a staggering Rs 9.5 billion improvement over the previous year.

The opening up of new markets in the North and East, alongside law enforcement action to curtail the sale of illegal cigarettes helped to boost company profits in 2011, with over 76 million illegal sticks confiscated, at an estimated value of Rs.1.2 billion.

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Tamil Parties Must Urge Full Implementation of 13A

Last week’s article was about the guerilla war fought by the Janatha Vimukt

Govt. re-recommends COVID-19 regulations: Medics, legal experts warn of vaccine expiry dates and injuries

The public has once again been advised to wear masks to prevent the spread of

8-year-old grave sexual abuse victim gets justice after 18 years

In Palawela Udaniriella, an 8-year-old girl became the victim of Grave Sexual

Covid makes a comeback!

These questions have been buzzing in our heads over the past few weeks as hea