Ceylon Tobacco (CTC) said that cigarette sales are recovering to pre-pandemic levels following a 38 percent decline in sales during the second quarter of 2020.
CTC revenue for the second quarter of 2020 declined by 35.2 percent from the second quarter of 2019 to LKR5.53 billion ($30 million), while profits for the quarter dropped by 33 percent to LKR3.10 billion.
CTC’s sales were impacted due to product access restrictions faced by consumers and retailers because of the island-wide curfew imposed to contain the Covid-19 pandemic from late Mach to mid-May.
“Post June, the business recovery is reverting to nearly pre-Covid-19 levels encouragingly faster than anticipated, and the business is cautiously optimistic of the future in anticipation of revival of the economy,” a CTC spokesperson said.
British American Tobacco holds 84.13 percent of CTC’s shares, with Philip Morris International accounting for an 8.32 percent stake.