A net profit of $210 million has been recorded by the West Indian Tobacco Company (WITCO) for the six month period ending June 30, 2019.
In a statement the Chairman of WITCO Anthony Phillip said, “I am pleased to report that West Indian Tobacco has recorded Profit Before Taxation of $300.9 million, representing an increase of 16.5 million or 8.5% over comparative 2018.”
He said, “Innovation to maintain the relevance of our brands, constant review of cost saving opportunities and efficiencies in our manufacturing operations,” were factors that contributed to the performance.
WITCO continues to compete with illicit cigarettes being traded on the market.
At its annual general meeting in April, WITCO’s Managing Director Jean-Pierre du Coudray said the illicit trade made up about ten percent of the market and could be costing the government up to $30 million in taxes.