Carreras revenue, profit slide
Cigarette distributor Carreras Limited made J$2.59 billion in net profit, which reflected a 21.7 per cent drop in annual earnings, due in part to competition from illicit smoke products and taxation.
Declining indicators included revenues, cash flow, working capital and equity. however, dividends to shareholders increased 12.5 per cent to J$2.7 billion at yearend March 2012.
Its revenues declined 14.7 per cent to J$11 billion over the review period for the company majority owned by Rothmans Holding and ultimately held by UK-based British American Tobacco.
Its administrative expenses increased 11.9 per cent to J$956.8 million, but in response it kept its distribution and marketing budget flat at J$812 million.
The company has previously blamed illicit products and taxation for its fall-off in sales.