The West Indian Tobacco Company Ltd (Witco) has reported a significant decline in its financial performance for the nine months ending September 30. The company’s profit before tax plummeted by 46% to $82.9 million, a stark drop from the $153 million recorded in the same period last year. Similarly, profit after tax fell to $66.9 million, down $47.7 million from 2024. Revenue also saw a 13% year-on-year decrease, dropping to $332 million from $382.9 million in the previous year. Witco attributed these declines to shifting consumer preferences towards lower-priced products and the persistent impact of illicit trade. Chairman Ingrid Lashley highlighted the company’s strategic adjustments, including the reintroduction of Du Maurier and the refresh of Rothman’s Classics, which have shown positive market responses. Despite these efforts, operating profit for the period stood at $81.4 million, compared to $150.6 million the year before. The company also announced an interim dividend of ten cents per ordinary share, payable on November 28. Lashley emphasized Witco’s commitment to long-term shareholder value, focusing on agility, cost discipline, and brand portfolio strengthening. However, the company continues to face challenges from illicit trade and macroeconomic pressures, with earnings per share dropping to $0.27 from $0.43 in 2024. Additionally, recent government measures imposing higher excise duties on tobacco products may further impact the company’s financial outlook.