Moroccan tobacco company's net profit decrease by 12.3%
Morocco, Business, 10/8/1999
The net profit posted by the Moroccan state-owned tobacco company declined by 16.34% in 1998, despite an increase in sales.
According to the company's 1998 report released on Thursday, the company has posted a net profit of $ 334.5 million in 1998 against 381.6 millions in 1997.
The company ascribes this decline to the payment of taxes worth $ 7.9 million.
Meanwhile, the company's turnover recorded a 3.5% increase, to reach $ 794 million in 1998.
The company, which holds the monopoly of tobacco marketing in Morocco, handled 33,790 cases of tobacco smuggling and drug trafficking in 1998, i.e. 12.7% more than in 1997.
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