Imperial Tobacco Ltd., the company with worldwide marketing rights to premium Cuban cigars, released its 2011 annual report this week and revealed a double digit dip in revenues for Habanos S.A. in 2011.

Revenues fell from 39 million British pounds in 2010 to 35 million British pounds in 2011 (US$61.3 million and US$55 million, respectively), despite the company reporting a 2% growth in Cuban cigar sales as of March 31 in their mid-year report.

The report cited a 4% growth in markets outside the European Union, and said that they have added momentum to their portfolio with “new offerings including limited editions of our core brands Cohiba and Montecristo and delivered excellent growth in Russia, Brazil and China.”  A weak European economy seems to be the main culprit for the sizable revenue decrease.

Despite the loss in revenue, the Corporación Habanos S.A. joint venture nearly doubled its after-tax profits from 2011, going from five million British pounds in 2010 (approximately US$7.8 million) to 10 million British pounds (approximately US$15.72 million) in 2011.

Imperial Tobacco Ltd.s full 2011 annual report can be found on their website.

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Patrick Lagreid

I strive to capture the essence of a cigar and the people behind them in my work – every cigar you light up is the culmination of the work of countless people and often represents generations of struggle and stories. For me, it’s about so much more than the cigar – it’s about the story behind it, the experience of enjoying the work of artisans and the way that a good cigar can bring people together. In addition to my work with halfwheel, I’m the public address announcer for the Colorado Rockies and Arizona Diamondbacks during spring training, as well as for the Salt River Rafters of the Arizona Fall League, the WNBA's Phoenix Mercury and previously the Arizona Rattlers of the Indoor Football League. I also work in a number of roles for Major League Baseball, plus I'm a voice over artist. Prior to joining halfwheel, I covered the Phoenix and national cigar scene for, and was an editor for Cigar Snob magazine.