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Habanos cigar sales drop in 2011

Cuba Standard logoApparently struck by the economic crisis in Europe, revenues of Habanos S.A. dropped 10.3 percent in 2011, despite a 4-percent rise in sales of Cuban luxury cigars outside the European Union last year, Imperial Tobacco Ltd. said in its 2011 annual report.

The company had reported a 2-percent rise of Cuban luxury cigar sales for the six months ended March 31, 2011.

Even so, the Corporación Habanos S.A. joint venture, of which UK-based Imperial Tobacco holds half, doubled its after-tax profits last year.
 

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