West Indian Tobacco profit rise

Profit before tax rose 10.7 percent to $284 million, for the six months to June this year, over the 2017 period for West Indian Tobacco and profit grew 8.7 percent after tax to $194 million.
Profit before tax grew 13 percent to $178 million for the quarter over the 2017 period and after tax an increase of 9 percent to $121 million. Gross profit in the quarter rose to 79 percent, from 77 percent of revenues in 2017 and from 75 percent for the six months in 2017 to 77 percent in 2018.
The profit improvement came from a 13 percent rise in revenue for the quarter to $268 million and by 12 percent for the six months to $456 million.
Distribution costs rose to $4 million from $1.26 million in the June quarter and for the period to June $10.3 million from $6.4 million, Administrative expenses rose sharply to $22.8 million for the quarter from $18.2 million in 2017 and for the half it rose to $38.46) million from $33.12 million and Other operating expenses rose to $6.66 million in the quarter from $6 million in 2017 and for the half year to $20.7 million from just $11.7 million for an increase of 77 percent.
The company raked in cash from operating activities of $325 million in the six months compared to $232 million in 2017.
Earnings per share for the quart is $1.44 and $2.30 for the half year and should end at around $5.30 for the full year giving the stock a PE of 16.5 based on the last traded price of $88 on the Trinidad & Tobago Stock Exchange.
The company ended the period with total equity of $379 million and cash of $279 million and current liabilities of $161 million.
The Board has accordingly approved the payment of a second interim dividend of $1.14 per ordinary share payable on 27 August 2018.
All amounts are quoted in TT dollars.

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