Ceylon Tobacco Company (CTC) which enjoys the sole monopoly of the cigarette market in Sri Lanka has released its latest summary of performance for the three months ended 31 March 2014.

The report indicates that CTC has contributed a massive sum of Rs. 15.9 billion to the government revenue within the three months ended 31 March 2014. This is an increase of Rs. 800 million over the March quarter of 2013.

While CTC has recorded a profit of Rs. 2.03 billion during the quarter ending March 2014, the sale of cigarettes has registered a drop of 3.6 percent compared to the same period of last year.

CTC has recorded a profit of Rs. 1.4 billion during the first quarter of 2013.

Meanwhile, CTC has stated that the profits from cigarette exports have increased in the March quarter and that it continues to increase these profits.

CTC has challenged in courts the regulations published by the Minister of Health to implement, among other things, pictorial health warnings covering 80 percent of the cigarette packs.