BAT, whose products include Kent, Dunhill and Vogue cigarettes, also saw profit down to RON356 million in 2014, more than 10% lower than in 2013.
The company has an over 50% market share and competes with two other major companies – Japan Tobacco International (Camel, Winston and Sobranie) and Philip Morris (Marlboro, L&M, Parliament). The three form a market estimated at more than RON13 billion.
Cigarette business is badly affected by the black market, which stood at 15.9% last year, up from 13.7% in 2013, reaching the highest annual average since 2011, according to a report by research company Novel Research.
(English version by Loredana Fratila-Cristescu)