KUALA LUMPUR: JT INTERNATIONAL BHD [] posted RM33.56 million in net profit for the second quarter ended June 30, up 12% from RM29.97 million a year ago, riding on the higher cigarette prices.
JTI said on Thursday, Aug 12 that revenue rose 3.3% to RM298.51 million from RM288.89 million. Earnings per share were 12.83 sen. It declared an interim dividend of 15 sen a share.
'The increase in revenue and profit before tax were attributed to higher sales volume and cigarette prices,' it said.
For the first half, its net profit rose 13.2% to RM71.32 million from RM62.96 million. Revenue was 5.4% higher at RM611.68 million.
JTI said in the 1H, the three largest players recorded a contraction of 1.1% in volume compared to the previous year's double-digit decline.
'While this moderate rate of decline could be due to the recovery in the Malaysian economy, the legitimate cigarette industry continues to face negative pressure on volume due to the increasing growth of illicit cigarettes. In 2009, as much as one out of three packets consumed in Malaysia is illicit,' it said.
According to Goldman Sachs Research's Global Tobacco Report, the Malaysian market boasted the largest illicit cigarette incidence in the world in 2009.
JTI said it was concerned that illicit cigarettes may continue its growing dominance of the market and urged the government to take the necessary steps to curb the rise of illicit cigarettes, including the adoption of a moderate taxation policy.
JTI said on Thursday, Aug 12 that revenue rose 3.3% to RM298.51 million from RM288.89 million. Earnings per share were 12.83 sen. It declared an interim dividend of 15 sen a share.
'The increase in revenue and profit before tax were attributed to higher sales volume and cigarette prices,' it said.
For the first half, its net profit rose 13.2% to RM71.32 million from RM62.96 million. Revenue was 5.4% higher at RM611.68 million.
JTI said in the 1H, the three largest players recorded a contraction of 1.1% in volume compared to the previous year's double-digit decline.
'While this moderate rate of decline could be due to the recovery in the Malaysian economy, the legitimate cigarette industry continues to face negative pressure on volume due to the increasing growth of illicit cigarettes. In 2009, as much as one out of three packets consumed in Malaysia is illicit,' it said.
According to Goldman Sachs Research's Global Tobacco Report, the Malaysian market boasted the largest illicit cigarette incidence in the world in 2009.
JTI said it was concerned that illicit cigarettes may continue its growing dominance of the market and urged the government to take the necessary steps to curb the rise of illicit cigarettes, including the adoption of a moderate taxation policy.
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