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Imperial Tobacco Earnings Hit by Black Market Cigarette Sales -- City Index UK

[By NBC-1TV H. J Yook]City Index UK: Imperial Tobacco, the world's fourth largest cigarette maker, announced today that first quarter revenues grew by 2% to the end of December 2012, but deteriorating performance in Europe and Russia at the end of the quarter and into January -- thanks in part to higher competition and sales of black market cigarettes -- would mean that H1 (first half year) performance would see falling profits.

Read Full Article at cityindex.co.uk: Imperial Tobacco earnings hit by black market cigarette sales

The performance in Europe dragged on brighter performances in other key growth markets for the firm such as the Middle East, Africa and Asia. In these regions, revenues grew by 12% and volumes increased by 10% for key brands such as Davidoff.

The tobacco firm tried to reassure shareholders that full year performance would however meet expectations.



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