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Article: Higher costs cut profit of International Tobacco and Cigarettes Company.
- Article from:
- Jordan Times (Amman, Jordan)
- Article date:
- May 4, 2007
CopyrightCOPYRIGHT 2007 Jordan Times. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Samir Ghawi
May 4--AMMAN -- The International Tobacco and Cigarettes Company (ITCC) attributed the sharp drop in consolidated profit last year to higher operational costs of the parent firm.
The financial statements and closing accounts covered three subsidiaries for the first time.
The 15th annual report showed a net profit after provisions, tax and minority interests at JD0.40 million at the end of 2006 compared to JD3.20 million the previous year.
According to the report, the lower results were due to the increase in the cost of sales which reached JD42.41 million in 2006 from JD30.59 million in 2005.
Net sales ...