Imperial Tobacco, the British company that markets Cuban cigars worldwide, reported $22,4 billion in revenues for the six months ended March 31, up 2.2 percent from $21.9 billion in the first half of the 2009-10 financial year.Net income was $1.51 billion, up from $1,127 billion.The company said that sales of Cuban cigars rose 2 percent during the six months, “a very pleasing performance given the challenges in Spain, which is the largest market for Cuban cigars.”">Imperial Tobacco, the British company that markets Cuban cigars worldwide, reported $22,4 billion in revenues for the six months ended March 31, up 2.2 percent from $21.9 billion in the first half of the 2009-10 financial year.Net income was $1.51 billion, up from $1,127 billion.The company said that sales of Cuban cigars rose 2 percent during the six months, “a very pleasing performance given the challenges in Spain, which is the largest market for Cuban cigars.”">

Cuba Headlines

Cuba News, Breaking News, Articles and Daily Information

Imperial reports rise in Habanos sales

Imperial Tobacco, the British company that markets Cuban cigars worldwide, reported $22,4 billion in revenues for the six months ended March 31, up 2.2 percent from $21.9 billion in the first half of the 2009-10 financial year.

Net income was $1.51 billion, up from $1,127 billion.

The company said that sales of Cuban cigars rose 2 percent during the six months, “a very pleasing performance given the challenges in Spain, which is the largest market for Cuban cigars.” Growth outside the European Union was strong, particularly in China, with sales up 16 percent, according to Imperial.

“We have continued to innovate and develop new products to drive growth. Our core brands, especially Cohiba, were particular highlights during the first half of the year with consumers responding very positively to the new offerings and limited editions we have introduced,” Imperial said in its half-year report.

“There is great potential for our luxury handmade Cuban cigar brands in emerging markets, and we achieved significant growth in China, Russia, Brazil and the Middle East, which was key to improving sales outside the EU,” the company said.

Imperial does not break out the Cuban joint ventures separately, but the “Rest of the World” category, which includes the Cuban operations, generated $3.68 billion during the six months ended March 31, up 20.9 percent from $3.04 billion in the same period last year.

Imperial did not talk about the August 2010 arrest on alleged fraud of Manuel García, the former commercial head of Habanos S.A. According to a report by The Economist, the Cuban executive and 10 other former employees are accused of selling up to 45 million original cigars below official price to unlicensed online distributors in the Caribbean and Switzerland, in return for bribes.

According to The Economist, the fraud also hurt Imperial, which took over the stake in Habanos from a Spanish-French company in 2008.

Source: www.cubastandard.com/2011/05/10/imperial-reports-rise-in-habanos-sales/

Related News

Comments