British American Tobacco posts higher profits
Cigarette maker British American Tobacco said on Thursday that profits raced higher in the second quarter, boosted by its emphasis on emerging markets.
Net profit rose 11 percent to 650 million pounds (824 million euros, 1.29 billion dollars) in the three months to June, compared with 584 million pounds in the same period a year earlier.
The maker of Dunhill, Kent and Lucky Strike cigarettes added that group revenue rose by nearly 17 percent to 2.916 billion pounds.
"These very good interim results demonstrate the strength of British American Tobacco's business, as a result of the excellent growth from our Global Drive Brands, our leading market positions and our broad geographic spread," BAT chairman Jan du Plessis said in the release.
"While not immune from the consequences of an economic slowdown, we can certainly look to the future with more confidence than most."
Earlier this year, BAT won an auction for Turkey's state-owned tobacco company Tekel with a bid of 1.72 billion dollars.
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