Witco’s Q2 profit rise 13%

Trinidadian based West Indian Tobacco recorded a 13 percent increase in profit after taxation amounting to $143 million up from $127 million in 2014. Profit after taxation for the half year, ended at $241.4 million, an increase of 8 percent over the 2014 results.
Revenues net of excise taxes rose 7.5 percent to $283 million for the quarter and for the six months ended June, an increase of 6 percent to $506 million.
Results benefited from lower cost of sales in the June quarter, declining from $62 million to $60 million while there was only a $1 million increase to $112 million for the six months. Administrative Expenses declined to $24.7million from $29.3 million for the June 2014 quarter and for the half year $45.3 million to $50.6 million. Other Operating Expenses climbed to $7 million from $5 for the quarter and for the half year these cost were flat with $13.6 million for 2015 versus $13.6 in 2014.
Earnings per share for the June 2015 quarter ends at $1.70 and $2.87 for the six months this year for the full year earnings should be in the $6.30 region and would be up from $5.81 earned for 2014. The stock last traded at $125.43 on the Trinidad and Tobago Stock Exchange and would result in a PE for the stock of 20.
The Board approved the payment of a second interim dividend of $1.26 per ordinary share payable on 26 August, to shareholders of record at close of business on August 7th. The interim dividend, amounts to $106 million.