Tabacalera, the Spanish state-controlled tobacco group awaiting further privatisation, has revised its profit figures for last year to show a sharper, 16 per cent fall in consolidated net earnings to Pta 11.73 billion (US$ 83 million)

The change, from a Pta 13.46 billion figure formerly announced, reflected a Pta 2.51 billion capital loss from revaluing a building in central Madrid and properties in the Canary Islands. The company took advantage of a government measure last year allowing for the updating of fixed asset values, which provided potential tax benefits.