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| Friday, 22 October 2004 |
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CTC contributes Rs. 1.9 billion to Govt coffers by Sudarshana Perera Cigarette sales of Ceylon Tobacco Company (CTC) have gone up due to recent raids and the company has contributed between Rs.1.2 billion to Rs.1.9 billion to Government coffers. The credit for this goes to law enforcement authorities as they have scaled up their raiding activities recently, said CTC Corporate and Legal Affairs Director Vijaya Malalasekera. The CTC toeing the path of Corporate Social Responsibility (CSR) policy in the country has also contributed 1.5% from its after tax profit for several projects throughout the country which is aimed at reviving the rural economy, education and social well-being. CEO of CTC Paul Hiltermann told a press briefing in Colombo yesterday said that the company is recording sales of around 4.6 billion sticks per year and the market tipped marginally recently owing to price hikes while the overall market for fags is continuing to remain flat or rather a small decline. Hiltermann expressed optimism that the demand will surge after a few months, as it has been the experience followed by a price hike. "Our corporate social responsibility projects have penetrated into rural areas and those were fruitful results in improving the living standards and social welfare of the people. We have also contributed over 10% to government revenue during the past year and raiding of illegal cigarettes has saved a revenue that would have been a loss to government revenue", he said. Deputy Managing Director of CTC Jayampathi Bandaranayake said that their company is adopting triple line bottom policies such as commercial viability, environmental responsibility and social responsibility. We have integrated social and environment concerns in our business operations and in our interaction with stakeholders on a voluntary basis. Malalasekera said that in keeping with government policy, the company has scaled up its CSR projects in the entire country. In support of the National Poverty Alleviation program, CTC has initiated several pilot projects in rural areas in Sri Lanka to encourage residents on sustainable agricultural development project to earn a continuous substantial income while contributing to the national economy. Among them are sharing of agro best practices, construction of agro wells, sustainable agriculture development projects and setting up of a Dendro Power generation project through bio mass, tank restoration, drought relief programs, sponsorship of art and culture activities, taking IT to the rural areas, maintenance of a 1,250 acre reforestation project and responsible product stewardship. Malalasekera said that under the responsible product stewardship, the company provides consumer information, education on health issues on hotline 4613434. Prevention of underage smoking campaigns, educating traders on this issue and store campaign are also in this program. |
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