Categories
· Business (Tobacco)
· Business (General)
non-USA, by Country
· India
Organizations
· ITC
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Jump to full article: Reuters, 2009-01-19
Intro: India's top cigarette maker, ITC
Ltd, on Monday matched market expectations with an 8.4
percent rise in quarterly profit, but its revenue growth
disappointed and sent its shares down 1 percent.
ITC, 31.7 percent owned by British American Tobacco), said revenues and profits were hit by a slowdown in
its hotels business as corporate travel fell in the wake of a
slowing economy and militant attacks in Mumbai in November.
The company said net profit rose to 9 billion rupees
($185.2 million) in its fiscal third quarter ended Dec. 31 from
8.3 billion a year earlier, while gross revenue rose 8 percent
to 59.2 billion rupees from 54.8 billion. . . .
ITC said higher prices from its filter cigarettes helped
drive profits even as a ban on smoking in public places
curtailed sales. Cigarettes contributed about 66 percent of
gross revenue.
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