Papastratos reports improved 2016 results

Papastratos reported pre-tax profits of 27.14 million euros in 2016, up from 7.89 million in 2015, while turnover rose to 291.63 million euros from 274.15 million in 2015.

“Thanks to our strategic decision to give an export orientation to the factory and our activity, we managed to raise net turnover and profitability, despite a dramatic increase in the taxation of tobacco products and illegal tobacco trade which affected our gross turnover,” Christos Harpantidis, chairman and CEO in Papastratos said in an announcement.

Papastratos launched the innovative IQOS heated tobacco product in 2016 and in March 2017 it announced a new investment, worth 300 million euros, to transform its Aspropyrgos factory into a HEETS tobacco rods production unit for IQOS. The investment will create 400 new job positions.