WITCO profits jump 22%

Cigarette manufacturer, West Indian Tobacco (WITCO) has delivered a profit after tax of $168 million for the six months ending June 30, 2012, which is an increase 22 per cent over the same period in 2011.
The company also saw its revenue increase by 14 per cent from $370.5 million in 2011 to $422.5 million for the six-month period this year. The total profit before taxation for the six months is $228.7 million. According to the Chairman’s review, this figure represents an increase of 20 per cent over the corresponding period in 2011.

The unaudited interim results also stated that the Board has approved the second interim dividend of $0.94 per ordinary shares payable on August 9, 2012 to shareholders of record at close of business on July 30 2012. In 2011 Witco, which is the monoploy producer of cigarettes in T&T had declared a total profit after taxation of $290.2 million for 2011, which reflects an increase of 8.4 per cent over the company’s 2010 profit. The company paid $111.8 million in taxes and $243.3 million in excise duties in 2011. (RJL)