Summary of Tobacco Industry Interference in Sri Lanka – 01st June 2022 to 31st May 2023
From TobaccoUnmasked
Contents
Background
This page is the first of a series that summarises tobacco industry interference and their activities reported in Sri Lanka, which will be published annually to celebrate the anniversary of CCT which falls on July 7th. This page covers tobacco industry interference and their activities reported in the 12 months starting from one World No Tobacco Day to the next. When relevant, this series will feature the cannabis industry as well, as it is heavily backed by the tobacco industry.
The Summary
Table 1 summarises tobacco and cannabis industry interference and activities reported up to 30th September 2022.
Table 1: Summary of reported tobacco and cannabis industry interference and activities
| Tobacco Company | Number of Incidents |
|---|---|
| Ceylon Tobacco Company PLC (CTC) | 4 |
| ITC Limited India | 1 |
The reported incidents are summarised below. Please visit the relevant pages for more details.
June 2022
- Media reported that share price index for Ceylon Tobacco Company PLC (CTC) went down by 6.4% to Rs. 600 per share.[1]
- ITC Limited India announced that the construction project under the WelcomHotels Lanka (Private) Limited, a subsidiary of ITC, was impacted due to economic crisis in Sri Lanka. This project is reportedly the first ITC foreign venture in the hotel field which is worth USD 300 million. Media reported that the construction of some structures including the 50–story residence tower and the 30–story hotel tower was completed despite the difficulties (Image 1).[2][3]
Image 1: Media reporting the progress of ITC’s construction project in Colombo, Sri Lanka [3]
July 2022
- Media reported that the gross revenue of Ceylon Tobacco Company PLC (CTC) is estimated to increase by 6% in the next two years, quoting a research conducted by First Capital research. The reasons mentioned for the increase were continuous price increases and the reawakening of the tourism industry. First Capital provides diversified financial services under the First Capital Holdings PLC as stated in their website. [4]
- In May 2022, CTC declared an increase of sales volume by 5% in first quarter of 2022 compared to same period in 2021. The price of a cigarette stick has been increased by Rs 5 with effect from 1st June 2022.
Image 2: Media reporting the CTC’s estimated increased gross revenue in next two years[4]
August 2022
- Ceylon Tobacco Company PLC (CTC) announced a growth of turnover by 41% to Rs. 42.3 billion (approx. USD 120 million) during the second quarter of year 2022. The profit after tax was recorded as Rs. 3.4 billion (approx. USD 9.5 million) during the second quarter. It was reported as 3.9 billion (approx. USD 11 million) for the same period in 2021.[5]
Image 3: Media reporting the CTC’s decreased profit during the second quarter[5]
- Colombo Stock Exchange organised a forum titled ‘Beyond Basics: Setting Standards for Climate Disclosure and Action’ on 9th August 2022 for “an in-depth understanding of the fundamentals and best practices of climate reporting”. Media reported that Paula Hermogenes Gomes, Circular Economy Manager of the British American Tobacco (BAT), and Imanthi Perera, Corporate Affairs Manager of the Ceylon Tobacco Company PLC (CTC), will be among the speakers at the event. [6]
September 2022
No incidents were reported for this month.
TobaccoUnmasked Resources
- British American Tobacco (BAT)
- ITC Limited India
- Ceylon Tobacco Company PLC (CTC)
- Framework Convention on Tobacco Control (FCTC)
- FCTC Article 5.3
The local language translations
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Notes
- ↑ Economy Next. Sri Lanka shares slump to one-month low; foreigners exit after PM’s cautioning, 7 June 2022, accessed June 2022
- ↑ I A Dutt. ITC's luxury project in Colombo hit by headwinds as Sri Lanka economy sinks, 23 June 2022, accessed June 2022
- ↑ 3.0 3.1 Daily Mirror online. ITC One Colombo development achieves key milestones towards 2023 completion, 10 June 2022, accessed June 2022
- ↑ 4.0 4.1 The Island Online. Ceylon Tobacco Company PLC: Fags ignite bottom-line boost, 11 July 2022, accessed August 2022
- ↑ 5.0 5.1 Daily FT. Ceylon Tobacco 2Q topline up, profit down, 15 August 2022, accessed October 2022
- ↑ Ada derena. CSE’s Third ‘Beyond Basics’ Forum to focus on Fundamentals of Climate Disclosure and Action, 1 August 2022, accessed October 2022
