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Tobacco Industry Altadis 2004 net income increases 41% 

Altadis, the parent company of Moroccan tobacco manufacturer RMT, announced on Wednesday Feb. 23 that its net income for 2004 topped 413.3 million euros, up 41% from last year, as reported by AFP. The result has been achieved thanks to the absence of a 251-million-euro extraordinary restructuring charge that weighed on 2003 net income.

Despite a 21% decrease in the French tobacco market following the 2003 price rises, the maker of Gauloises and Fortuna cigarettes accrued total revenues of 3.52 billion euros, up 3.9% from last year. Earnings before interest, tax, depreciation and amortization (EBITDA) topped 1.113 billion euros (+3.3%). The Franco-Spanish group's operational margin was 31.6%, unchanged from last year, and the group proposed a dividend of 0.9 euro per share (+12.5%). . . .

The company said that it will mark a pause in acquisitions and concentrate on the integration of its new subsidiaries with which it is expected to generate major synergies and increase the efficiency of its production chain. Altadis acquired in 2004 the Russian Balkan Star in Nov. and Etinera of Italy in Dec.

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