Witco growing profit up bit by bit

Revenues for West Indian Tobacco rose moderately to $293 million from $282 million for the quarter and for the nine months to September 2015 and increase of 4 percent to $909 from $872 million in 2014, including excise taxes.
The slight revenue growth resulted in a 9.7 percent increase in profit before taxation of TT$479 million, for the nine months and profit after taxation of $354 million, an increase of 7.6 percent over 2014. For the September 2015 quarter, profit after taxation ended at $113 million an increase of 6.7 percent over 2014.
Expenses were kept below that of 2014, in the latest quarter and year to date, with only selling and distribution expenses showing a slight increase of $600,000 for the year to date.
The Board has accordingly approved the payment of a third interim dividend of $1.44 per ordinary share payable on 30 November 2015 to shareholders of record at close of business on 11 November. For the year to date dividends already paid amounts $3.17. Witco has been paying all of its profit each as dividends with a pay out of $5.51 from full year earnings of $5.81 in 2014.
The company is a subsidiary of British American Tobacco Company and is listed on the Trinidad and Tobago Stock Exchange (TTSE), it manufactures and markets cigarettes. The stock last traded at $126 on the TTSE. Earnings per share for the quarter is, $1.34 versus $1.26 in 2014 and for the year to date, $4.20 versus $3.91 in 2014 and the net book value works out at $4 per share with the equity of $336 million. Earnings per share should reach $6.25 for 2015 and would result in a PE of 20 times earnings.