Big jump in Witco profit

West Indian Tobacco last closed at $110.

Profit before tax jumped a strong 37 percent at the Trinidad based West Indian Tobacco to TT$145 million for the three months period ended March 2019, up from $106 million in 2018.
After providing $45 million for corporate taxes profit rose 38 percent to $100 million.
The impressive results arose from a sharp 21 percent climb in revenues to $227 million and a decline in cost from 36 million in 2018 to $32.4 million in the latest quarter. Also contributing to the improved results, was an rise in gross profit margin to 77.8 percent from 75.3 per cent in 2018 that resulted in gross profit rising 25 percent to $177 million versus $141.5 million in 2018.
The Board approved the payment of a first interim dividend of 83 cents per share payable on June 11 to shareholders on record at the close of business on May 21. Earnings per share climbed to $1.19 from 86 cents in 2018. For the full year, earnings should hit $6.40. The stock that is listed on the Trinidad and Tobago Stock Exchange last traded at TT$110 at a PE of 17.

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