CTC adds Rs. 7.5 b more; end Q3 Govt. revenue tops Rs. 44 b

Saturday, 12 November 2011 00:00 - - {{hitsCtrl.values.hits}}

The increasing positive economic outlook, coupled with rapid developmental expansion particularly in the north and east and the tourism sector, helped Ceylon Tobacco Company to contribute a total of Rs. 44 billion to Government revenue during the first three quarters ended September 2011.

Ceylon Tobacco’s contribution to the Government is up Rs. 7.5 billion over the corresponding period last year, whilst the company delivered a profit after tax of Rs. 4.6 billion. The strong operating performance was also driven by focus on cost control and increased efficiencies across the organisation.

The company’s performance was assisted by ongoing strong and effective actions by authorities to curb the illicit trade. Over 441 raids have taken place this year and authorities have confiscated contraband cigarettes valued at over Rs. 850 million.

The company’s flagship CSR initiative, the Sustainable Agricultural Development Programme (SADP), continues to flourish. The total number of families in the programme has now grown to 9,864 in 12 districts across the country. To date, 3,843 families have graduated from the programme, which will help them reach a measure of economic self-sufficiency.