Tabacalera, Spain’s state-owned tobacco company announced a 4 per cent fall in attributable net profit in 1996 to Pta 13.46 billion (US$ 93.5m) caused by extra government taxes

Operating profits plummeted 30 per cent to Pta 12.65 bn, compared with Pta 18.11 bn the year before. Cigarette sales by volume were 4.4 per cent down, with gains in upmarket brands but lower sales of middle range products and a sharp drop in cheaper dark tobacco cigarettes. Gross turnover for the group in 1996 was up 5 per cent at Pta 817.73. However, the net figure after taxes and tobacconist commissions, showed a 1.6 per cent decline, to Pta 329.08 bn.