Profits at the West Indian Tobacco Company (Witco) are smoking.
The Champs Fleurs-based cigarette producer yesterday announced a profit before tax for its six-month period ended June 30 of $296.1 million.
In published unaudited results for the period, Witco chairman Anthony E Phillip said the profit represented an “increase of 16.7 per cent over the corresponding period in 2013”.
Profit after taxation up to June 30 was $223.5 million, reflecting an increase of 19.2 per cent over 2013.
Phillip said Witco’s board of directors has approved the payment of a second interim dividend of $1.20 per ordinary share payable on August 15 to shareholders on record on August 6.
Witco accumulated a before tax profit of $556 million and a $411 million after tax profit for 2013.
The company’s shares closed trading at $118 per stock unit on the Trinidad and Tobago Stock Exchange yesterday.
Witco raised prices on its tobacco products twice in 2013, attributing rising prices to increasing international commodity costs.
It saw price increases in the company’s Dunhill and Dunhill Fine Cut, du Maurier and Broadway brands.
A significant percentage of the company’s income goes toward government taxes.