Send to a Friend "Boosted by 17 percent rise in earnings BAT starts 2008 on a positive note"
The planet's second largest cigarette maker, British American Tobacco, has garnered a whooping 17% rise in its first-quarter profits. The hefty increase in its earnings is expected to push up its shares.
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The planet's second largest cigarette maker, British American Tobacco, has garnered a whooping 17% rise in its first-quarter profits. The hefty increase in its earnings is expected to push up its shares.
London(Longdogfinance) May09, 2008: BAT, the world's reputed cigarette maker of such popular brands as Lucky Strike, Kent, Dunhill and Pall Mall has pocketed a 17% increase in its first quarterly earnings. The company witnessed increase in its profits in all the regions of its operation. The company's fortunes have been boosted by currency translation, because the pound was weaker against the planet's other important currencies.
The cigarette-maker's spokesperson Michael Prideaaux explained: "Maybe there is a consumer slowdown in Europe, but we have not seen it yet. The spread of our businesses should help protect us for the worst." The BAT sources further added that its production went up by 1% during the first quarter. But the expensive brands rose faster with the premium ones going up by 6%, while the first four brands grew tremendously at 23%.
"Once again, BAT has shown that it can drive price mix to offset the inherently pedestrian volumes of a tobacco business. We like the exposure to emerging markets and the best in class marketing and cost savings programme," Adam Spielman, the Citi analyst told the reporters.
Though there are declining trends in western European countries due to the public smoking prohibitions and rising excise taxes, but increased sales in the markets of eastern Europe, Asia and South America enabled the cigarette giant to offset its losses in the traditional markets.
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