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Witco 1Q profits down
West Indian Tobacco Company (Witco) has recorded an after tax profit of $67.4 million for the first three months of its 2017 financial year.
This figure represents an almost 40 per cent decline in after-tax profit from the comparable period in 2016 when the company registered first quarter profits of $102 million.
The company’s revenue also fell year on year, moving from $271.2 million for the first three months of 2016 to $213.8 million in 2017 - a 21 per cent decline.
Commenting on the company’s performance, chairman Anthony Phillip said: “Given the prevailing economic conditions, the ongoing recession and increased taxation, the business environment continues to be challenging. This has resulted in significant changes in Consumer behaviour and consumption patterns.”
Noting the company’s response to the challenging business environment, Philip added that the company was focused on growth as well as cost containment
He said: “The company continues to respond to the new business environment with revision of its brand portfolio and trade marketing and distribution strategies, as well as prudent cost management.”
Eighty-nine per cent of Witco’s revenues in 2016 came from domestic sales, with 11 per cent coming from sales to the Caricom region.
The company declared a first interim dividend of $0.76 per ordinary share payable on May 26, 2017 to shareholders of record at close of business on May 2, 2017.