Srilanka, Feb. 27 -- Ceylon Tobacco Company PLC (CTC) reported a decline in revenue and profit for the three months ended December 2024, its fiscal fourth quarter, attributing the weaker performance to the increased presence of lower-priced smuggled cigarettes.

CTC reported revenue of Rs. 55.96 billion for the October-December period, down by about 4.5 percent from the same period a year ago.

However, net revenue, measured after government levies on sales, came in at Rs. 16.86 billion for the same period, down by around 4.2 percent from the corresponding period in 2023.

The company was unequivocal about what brought its sales down.

"The company's sales volumes during the three months ended on 31st December 2024 were lower in comparis...