Universal Corp third-quarter operating profit rose 25 per cent to USD 93.5 million (EUR 82.2 million) as lower costs offset a 1 per cent decline in sales, the company said.

“The current fiscal year (ending 31 March) continues to develop as we expected, with shipments heavily weighted towards the second half of the year”, said Chief Executive Officer George Freeman. “Third quarter lamina volumes shipped by our flue-cured and burley operations were the highest that we've seen for several years. In addition, our third quarter operating earnings benefitted from lower selling, general, and administrative costs, as well as improved gross margins.”
Sales for the business quarter ended 31 Dec were USD 758.1 million, due to lower prices and flat total volumes, Universal said.