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Tobacco News
BAT posts pre-tax profit of RM229mil for 1st quarter
  By: -
Source: The Star (my), 2002-04-17, via tobacco.org

BRITISH American Tobacco (M) Bhd (BAT) posted an unaudited pre-tax  profit of RM229.1mil for the 1st quarter ended March 31, 2002, up 2%  from a similar period in 2001.

BAT said that turnover amounted to RM769.8mil compared with RM-782.9mil a year ago, the decrease due to lower duty-free and contracting volumes. This was offset by domestic price increases for cigarettes following the federal budget last year.

"Our improved pre-tax profit performance is due to better domestic margins, which more than offset the lower duty free and contract manufacturing volumes,'' BAT managing director Stuart Watterton said.

Net profit was RM165mil compared with RM160mil in the same period  last year, lifting earnings per share to 57.8 sen from 56.2 sen.

Dunhill, the company's leading brand, continued its steady growth in  the local market, its volumes increasing marginally from the same period last year. Other brands Kent, Benson & Hedges and Peter Stuyvesant performed satisfactorily.

BAT said the market acceptance of its value-for-money brand Perilly's was encouraging following its re-launch in January.

The company said, currently, underlying domestic industry market volumes were slightly down compared with the same period last year.

Watterton reiterated the seriousness of the illegal cigarette problem in Malaysia.

He said the company's full year volumes were dependent on the level of unauthorised products entering the country, tax increases and the economic recovery.


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