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Ceylon Tobacco PLC (CTC) saw its net profit surging by Rs.500 million to Rs.2.5 billion in the first quarter of 2015 (1Q15) compared to the corresponding period of the previous year with domestic volumes picking up.

The gross revenue for the period stood at Rs.26 billion, up from Rs.21 billion in the same period of the previous year.

“The increase in domestic volumes of 11 percent during the quarter could be attributed to a higher level of consumer confidence and an increase in disposable income,” the company said. The directors recommend a first interim dividend of Rs.3.45 per share to be paid by May 28, 2015.

CTC paid the Sri Lankan government Rs.21.3 billion in taxes during the quarter, up 20 percent year-on-year.

The company also said its estimated Super Gains Tax liability, proposed in the interim budget presented this January, for the year 2013/14 is at Rs.3.8 billion.
However, the Bill to impose the tax is still pending parliamentary approval.

CTC said it complied with the 60 percent pictorial health warning from January 1, 2015 as required by the regulation.

The company also said it complied with the subsequent change to the law requiring 80 percent pictorial health warning.

CTC said the law has provided a grace period to exhaust the existing stocks until June 1, 2015.
 

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Beruwala Resorts rebrands with German partner

Beruwala Resorts PLC has entered into a co-operations and marketing services agreement with Germany’s DER Touristik Koln GmbH (DTK) to rebrand ‘The Palms’ hotel in Beruwala as ‘COOEE The Palms’.

DTK is one of the largest German tour operators and has been developing the COOEE brand with a number of strategic partners as a range of ‘motif hotels’ with similar themes.

It has already planned to relaunch 10 branded hotels on Majorca and Ibiza and in Turkey, Greece, Egypt, Tunisia and Bulgaria in the coming months. COOEE means ‘I’m here, where are you?’ in an Australian Aboriginal tongue.