Imperial Tobacco held back by falling sales in Iraq

Source from:  Sydney Morning Herald 08/20/2015

Imperial Tobacco's otherwise good results in the past three quarters were held back by the deteriorating political and security situation in Iraq.

Iraq accounts for just 5 per cent of group volumes but Imperial Tobacco, the world's fourth-largest international tobacco maker by market share, said falling sales in the war-torn country were to blame for a third of an overall 6 per cent decline in underlying group volumes in the nine months to June 30.

Total tobacco volumes were 3 per cent lower, year on year.

The reverse in Iraq masked a 3 per cent increase in the rest of the company's growth markets, where Russia, Taiwan and Norway delivered a strong performance, Imperial said. Enditem