BAT strikes higher profit in first quarter
AFP, May, 2007
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LONDON (AFP) — British American Tobacco posted a near 10.0-percent rise in first-quarter profit thanks to cost savings and an "excellent" performance by its operations in emerging markets, the group said on Thursday.
The data lifted the share price of BAT, the world's second-biggest cigarette maker, to a record high in London trade, dealers said.
BAT, the maker of Dunhill, Kent and Lucky Strike cigarettes, said net profit climbed to 495 million pounds (725 million euros, 986 million dollars) in the first three months of 2007 compared with the same period a year earlier.
Group revenue dropped 3.0 percent to 2.232 billion pounds, but cost savings meant BAT posted a profits rise.
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"The first quarter has been somewhat flattered by excellent performances in Brazil and South Africa," BAT chairman Jan du Plessis said in comments accompanying the earnings release.
However BAT cautioned that ...
