Mar 2012 Financial News

Witco records $402 million profit in 2011

Mar 16, 2012

THE West Indian Tobacco Company (WITCO) has recorded a profit of $402 million before tax in 2011. This information was contained in the company’s 2011 annual report which was released yesterday.

According to WITCO chairman Anthony Phillip: “Notwithstanding the challenges posed by a sluggish business environment, the staff and management of West Indian Tobacco must be complimented for the company’s good performance which resulted in profit before tax of $402 million.” Phillip said this represented an increase of 8.1 percent over 2010 and profit for the year of $290.2 million, an increase of 8.4 percent over 2010.

He stated WITCO’s board of directors has already approved the payment of three interim dividends totalling $2.20 per share. Together with the proposed final dividend of 98 cents per share, Phillip said this will bring the total dividends payable for 2011 to $3.18 per ordinary share, a 12 percent above that for 2010.

He said WITCO was able to achieve these successes within a challenging regional environment, coupled with the current turbulence affecting international markets which impacted company operations in areas such as increased costs in raw materials and reduced demand from its associates in Caricom markets.

Phillip also said local sales volumes were affected last year during the four-month state of emergency and its associated curfew. He said this disrupted the services sector (particularly restaurants, bars and nightclubs) “which are important trade channels for our business.”


Source:
Newsday
Friday March 16, 2012

http://www.newsday.co.tt/business/0,156980.html