Moroccan tobacco company's net profit decrease by 12.3%

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.