WITCO profit up 20 percent

West Indian Tobacco reported profit of $115.4 million before tax for the three months ended March 2013, an increase of 18.4 percent over the corresponding period in 2012. Profit after tax for the quarter ended at $84.9 million, representing $1.01 per share, an increase of 19.6 percent over 2012 but is down on the December quarter’s figure. IC Insider estimates earnings to exceed last year’s figure and should end up around $4.40 for 2013.

While revenues climbed, the company was able to hold, or lower cost in the period. The cost of sales moved down by $1 million compared to March quarter 2012, as gross profit increased by $16 million and gross profit margin moved up to 73 percent from 70 percent in 2012. Distribution cost just barely inched up around $100,000 but administrative cost slipped slightly while other operating cost declined by $2 million to $14.5 million. The holding of expenses is quite a feat in a country where consumer prices rose by 7 percent since last year.

WITCO_Tobacco150x1502012 results | For the year to December 2012 the company reported $4.16 with the December quarter being $1.08 or $91 million which was up strongly from the $79 million earned in 2011. Revenues for 2012 increased by 10 percent to reach $1.1 billion up from $1 billion in 2011.

Finances | Witco’s equity stands at $309 million at the end of March with cash funds of $212 million. Current assets total $308 million and current liabilities $137 million and there is no interest bearing debt.

Dividend | The Board has accordingly approved the payment of a first interim dividend of $0.82 per ordinary share payable on 10 May 2013 to shareholders of record at close of business on 01 May 2013. Last year the company paid out 92 percent of its profit as dividends and the same is expected this year, which has been the norm for several years. The stock last traded at $117.25 and has a PE of 27 and the dividend yield around 3.4 percent much higher than long term rates in the twin island republic. The stock traded at $70.17 in early July last year and has gained 67 percent since then, well ahead of the movement in profits.

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