Does High Cigarettes Tax Policy Enable Cigarette Smugglers
Jessica Miller | February 25, 2011
Carreras Limited said its sales volumes slipped in the third quarter as smokers continue to retreat from its licit higher-priced Marlboro cigarettes while embracing black market offerings. Company revenue fell seven per cent to J$3.47 billion in the quarter ending December 2010, while net profit dropped 16 per cent, from J$849 million or J$1.75 per share to J$714 million or J$1.47 per share, reflecting both declining sales and a 38 per cent erasure of investment income as yields fell on paper securities.
