Brazilian company Global Tobacco reported that sales and other revenues for the three months ending on June 30 were $429.8 million, a 23% increase compared to the same quarter in 2021. Sales and other revenue for the tobacco business increased by 18% to $348.1 million, while tobacco business revenue decreased by 9% to $8.1 million.
The Chairman, President, and CEO of Global Corporation, George C. Freeman III, expressed satisfaction with the beginning of the company's 2023 fiscal year.
In the quarter ending June 30, 2022, we have effectively managed cost increases, particularly relating to rising prices of green leaf tobacco and transportation restrictions," said Freeman in a statement. "We successfully transferred a significant amount of tobacco shipments out of Brazil, and our plant-based platform continues to exceed our expectations.
Compared to the quarter ending on June 30, 2021, our tobacco business sector experienced a slight decline in performance during the quarter ending on June 30, 2022, primarily due to unfavorable foreign exchange rates resulting from a stronger US dollar.
The demand for tobacco remains robust, with flue-cured tobacco, burley, Oriental and cigar tobacco still in short supply. We also anticipate a decrease in the production of African burley due to weather conditions.
Although we anticipate being able to export more tobacco out of Brazil in the quarter ending June 30, 2022 compared to the same quarter in 2021, we still face challenging logistics conditions. Additionally, the cost of tobacco leaf has continued to rise in nearly all markets.
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