Egypt’s Eastern Tobacco reports three percent net profit drop
Egypt’s Eastern Tobacco Company (ETC) reported a three percent net profit drop in the first quarter of 2003/2004 compared to the same period last year, down to 76.5 million Egyptian pounds ($12.4 million).
ETC is the sole manufacturer of cigarettes in Egypt. Domestic cigarette brands comprise over 95 percent of ETC's production, with the Cleopatra brand dominating the market. The remaining five percent consists of foreign brands, produced under authority from 14 international cigarette manufacturers. The company’s products also include water pipe tobacco, pipe tobacco, rolling tobacco, chewing tobaccos and cigars.
The Egyptian government had slated ETC for privatization in 2001, seeking to divest another 15 percent stake in the state-run company. However, although tobacco multinationals Philip Morris and British American Tobacco had shown interest in becoming ETC’s strategic investors, no formal bids were ultimately submitted. — (menareport.com)
© 2003 Mena Report (www.menareport.com)