Cuban Cigar Sales Drop In 2011European Economic Crisis Clips Habanos SalesJanuary 31, 2012. Reported revues of Habanos S.A. dropped 10.3 persent in 2011 according to cubastandard.com, a publisher of Cuban business and economic news.The drop was reported in the Imperial Tobacco Ltd. Annual Report for 2011 and came despite a reported 4-percent increase in luxury cigars outside the European Union. According to the annual report, the Habanos joint venture logged in a profit after taxes of 10 million British pounds (US$15.72 million), on revenues of 35 million British pounds in 2011 ($55 million). That compares to an after-tax profit of 5 million British pounds ($7.8 million), on revenues of 39 million British pounds ($61.3 million) in 2010. “Our luxury Habanos cigar portfolio has again delivered another good performance,” Imperial said in its annual report. According to the report, which did not provide a breakdown of Cuban cigar sales, they rose at a particularly brisk pace inRussia, Brazil and China, partly thanks to new limited editions of Cohiba- and Montecristo-brand cigars. The report did not talk about cigar revenues in European Union markets. Through the Habanos joint venture with Cuban state company CubaTabaco, Imperial Tobacco has the worldwide marketing monopoly for Cuban premium cigars. |
