CTC contributes Rs. 40.9 b to State coffers end Q3

Friday, 12 November 2010 20:02 - - {{hitsCtrl.values.hits}}

Law enforcement authorities’ momentum of activities in protecting the Government’s revenue base, resulting in the seizure of 53 million counterfeit and smuggled cigarettes valued at more than Rs. 779 million.

In addition, an improved brand mix and excise-led price increases, helped grow overall Government Revenue (comprising all Levies, Duties and Taxes) from Ceylon Tobacco Company by Rs.4.6 billion to Rs.40.9 billion.

Robust law enforcement continued to help in minimising the presence of counterfeit and smuggled cigarettes in the country, as their sustained vigilance resulted in the seizure of 53 million counterfeit and smuggled cigarettes as of September 2010, with a value of Rs.779 million.

Also a record 1,400 raids were conducted during the first nine months of 2010 compared to 1,190 over the same period last year, thus helping in protecting the revenue base of the Government.

Provincial Council Tax grew by Rs.140 million to Rs.2.4 billion, whilst volumes continued to remain stable as a result of improved economic conditions.

The Company continued to pursue productivity improvements and investments in its key brands, offering a better brand mix and sales value, supported by lower costs, helping increase profit after tax by Rs.608 million, for the nine months ending September 2010.

The Company’s flagship Corporate Social Responsibility initiative, the Sustainable Agricultural Development Programme (SADP), continues to provide noteworthy results with more than 8,400 families presently enrolled.

The Eastern Province post conflict is also benefiting from SADP with 2,500 families improving their agricultural skills via the concept of home gardening. To date over 1,350 families have graduated, having achieved the objectives of SADP.