PTC contributes more than Rs41b in govt levies in H1

Pakistan Tobacco Company has announced its Half yearly results for 2014. According to the financial results released, the company contributed more than Rs. 41 billion to Government revenues on account of excise duty, sales tax and income tax, which is a 31% increase over the same period last year. The growth in tax contribution is even more that the company’s gross turnover growth of around 24%. The company also declared a profit of Rs. 2.85 billion with an earnings per share of Rs. 11.84

Tobacco industry is a big revenue spinner and contributed more than Rs. 87 billion in FY 2013-2014. According to tax experts, due to the increase in excise duties this year the revenue contribution from the sector is expected to be in the vicinity of Rs. 102 billion this fiscal  year.