The West Indian Tobacco Company Ltd has made $12 million less for the first six months of this year when compared to same the period last year.
According to Witco’s unaudited interim results for the period ended June 30, 2021 the company recorded a profit before tax of $265.7 million.
For the same period last year Witco’s profit before tax was $277.8 million.
“These results continue to reflect the impact of COVID-19 on the business. The Company’s Factory Operations were closed for the month of May and this negatively impacted Contract Manufacture and Exports to CARICOM Markets,” Witco’s chairman Anthony E Phillip stated in his review of the results for the period.
“Additionally, manufacturing and distribution of products in the Domestic Market were severely disrupted as a result of curfew and state of emergency measures enforced by the Government during the period, as they sought to manage the most severe effects of the pandemic on the population to date,” he stated.
Phillip said the Net Turnover reduced by $10.6 million versus the same period last year due to the reduction in Sales Volume.
Witco’s revenue for the first six months of this year was $410.9 million.
For the first six months of last year it was $421.4 million.
“In managing the ongoing risks associated with the COVID-19 Pandemic, the Company implemented new measures to ensure the health and safety of employees inclusive of daily antigen testing of all persons onsite, which is ongoing. Additionally, the Company took the opportunity to partake in the Government’s ‘Vaccinate to Operate’ initiative which facilitated the vaccination of employees,” Phillip stated.
“The Company continues to comply with all public health regulations and supports the efforts of the Government of Trinidad and Tobago in managing this crisis. The resilience and commitment of our management and employees must be commended. COVID-19 and the challenging economic environment continue to characterize the volatility of the Manufacturing Sector and require continuous assessment and innovation as we strive to meet Stakeholders’ expectations,” he stated.
Witco’s Board has approved the payment of an interim dividend of $0.39 per ordinary share payable on 30 August 2021 to Shareholders of record at close of business on 11 August 2021.
The Register of Shareholders will be closed on 12 and 13 August 2021 for the processing of transfers.