CTC boosts Govt Revenue in 2008

The Government recorded an increase of Rs 3.9 billion in revenue from the legal cigarette manufacturers, for the first six months ended June 30, 2008, mainly attributed to the excise led price increases and declining volumes of illegal and counterfeit products in the local market.

Ceylon Tobacco Company (CTC) stated that Government Revenue from the tobacco industry has grown from Rs.19.3 Billion during the six months ended June 30, 2007 to Rs. 23.2 billion during the same period in 2008.

However, industry volumes continue to decline, largely driven by the reduction in the number of consumers and their average daily consumption levels. During the period under review CTC's total sales volume declined over the same period last year.