Like Philip Morris Fortune Tobacco Corp., Japan Tobacco International (Philippines) Inc. is against the proposed reforms in the excise tax system in the Philippines.
JTIP said in a statement that House Bill No 5727, which the House committee on ways and means has approved, would result in excessive tax hikes for its products. Ream more »
Directorate General of Intelligence and Investigation Inland Revenue (IR) Federal Board of Revenue (FBR) is probing cases against the two multinational cigarette manufacturing companies to verify their sales tax and federal excise duty payments in line with the applicable tax laws.
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LOCAL cigarette manufacturer British American Tobacco Zimbabwe Limited is the latest foreign-owned company to comply with the Empowerment Regulations, after concluding negotiations for almost 10 percent workers’ ownership of the company.
The details of the share option scheme were not immediately available, with management insisting that negotiations were continuing. But most of the sticking issues appear to have been resolved, informed sources said. Ream more »
Japan Tobacco Inc. said Thursday it booked a group net profit of 320.88 billion yen for fiscal 2011, up 31.9 percent from the previous year, due to rises in tobacco product prices at home and abroad and proceeds from property sales.
Sales in the year to March 31 dropped 1.2 percent to 2.03 trillion yen due largely to a drop in cigarette shipments following the March 11, 2011 disaster, slowed sales caused by the tobacco tax hike in October 2010, and the appreciation of the yen. Ream more »
Imperial Tobacco Canada Ltd. and JTI-Macdonald Corp. have launched proceedings in Ontario Superior Court to attempt to strike down cigarette package warning regulations that came into effect last fall. Ream more »
The world’s third-largest tobacco company by sales volume after Philip Morris International Inc. PM +1.71% and British American Tobacco BTI +0.17% PLC, posted a net profit of ¥320.88 billion in the just-ended business year against a ¥243.32 billion profit a year earlier. Ream more »
Japan Tobacco Inc. (2914), Asia’s largest listed cigarette maker by market value, forecast this year’s annual profit below analysts’ estimates.
Net income will probably be 318 billion yen for the year ending in March 2013, the Tokyo-based company said in a statement today. That was lower than the 341 billion yen average of eight analyst estimates compiled by Bloomberg. Sales are expected to reach 2.12 trillion yen, said the company. Ream more »
Japan Tobacco Inc, the world’s third-largest tobacco company by sales volume, will for the first time install top management that aren’t former bureaucrats, the WSJ reports. The company, half-owned by the Japanese government, is hoping to become a more efficient company in order to compete with competitors including British American Tobacco PLC and Philip Morris International Inc. Ream more »
Tobacco and cigarette companies are often touted as recession-resistant businesses. Cigarettes and other tobacco product sales often increase when consumers are forced to cut food budgets. Despite the known realities as to the negative health consequences associated with tobacco, nicotine is also known to calm the nerves during stressful situations, curb one’s hunger and act as a stimulant. Read more
“We think profits for PM in Indonesia can quadruple by the year 2020, so to us, this stock has a lot more room on the upside in the next three to five years,” she said. “It should be a core holding in your portfolio.”
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