Cigarette maker BAT reports 23% jump in net profits
British American Tobacco, the world's second-biggest cigarette maker, said on Wednesday that interim net profits jumped almost 23 percent on the back of strong demand in developing markets.
Earnings after taxation leapt to £1.87 billion ($3.07 billion, 2.12 billion euros) in the six months to the end of June, compared with £1.525 in the same period of 2010, BAT said in a results statement.
Sales meanwhile increased by two percent to £7.44 billion, while cigarette volumes dipped one percent to 344 billion. However, the group added that it had gained overall market share.
BAT is the second biggest cigarette maker in the world by revenue and its best-selling brands are Dunhill, Kent, Lucky Strike and Pall Mall.
"With continued pricing momentum, an increase in market share and the rate of volume decline moderating, we are on track for another very good year," said Chairman Richard Burrows in the earnings release.
© 2011 AFP