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CHINA

China Tobacco issues profit warning

22 Jun 2020. China Tobacco International (HK) Company Limited said its revenue and net profit is expected to decrease by 50 - 60 per cent for the six months ending 30 June 2020 as compared to last year.

The expected decrease in revenue and net profit is primarily attributable to fluctuation in the seasonality in the import of tobacco leaf products from Brazil, resulting in significant decrease in revenue of the Company’s tobacco leaf products import business for the Period; and significant decline in the sales volume of cigarettes in duty-free outlets in China and the relevant regions as a result of the significant drop in passenger traffic due to the COVID-19 pandemic, resulting in significant decrease in revenue of the company’s cigarettes export business for the period.

China Tobacco said it will continue to closely monitor the situation, take appropriate measures and make further announcement(s) as and when appropriate.