Arab Today, arab today imperial tobacco profits drop on spain writedown
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Arab Today, arab today
Arab Today, arab today

Imperial Tobacco profits drop on Spain writedown

Arab Today, arab today

Arab Today, arab today Imperial Tobacco profits drop on Spain writedown

London - AFP

Britain\'s Imperial Tobacco, the maker of Lambert & Butler and Gauloises cigarettes, said on Tuesday that annual net profits slumped 62 percent as it took a hit on assets in debt-wracked Spain. Imperial said in a statement that profit after tax tumbled to £678 million ($1.1 billion, 842 million euros) in the 12 months to September 30 compared with net profit totalling £1.796 billion in 2010/11. Revenue fell 2.0 percent to £28.57 billion as the company sold fewer cigarettes. \"Economic conditions remain difficult in Spain; high unemployment and increasing government austerity measures are placing further pressures on consumers and the duty paid tobacco market, with illicit trade a growing problem,\" Imperial said. It added that \"the macro economic indicators have resulted in us taking a non-cash impairment charge of £1.2 billion during the year.\" Imperial was positive regarding the outlook, insisting that there were \"significant growth opportunities\" across Eastern Europe, Africa, the Middle East and the Asia-Pacific region.

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Arab Today, arab today imperial tobacco profits drop on spain writedown Arab Today, arab today imperial tobacco profits drop on spain writedown

 



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