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Last Updated: Jan 31st, 2007 - 10:58:43 |
Lower profit growth for BAT in Q3
Oct 24, 2006, 16:40
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KUALA LUMPUR: British American Tobacco Malaysia Bhd, Malaysia’s biggest cigarette maker, said profit growth slowed in the third quarter as higher taxes curbed sales. Net income in the three months ended Sept 30, rose 2% to RM214. 7mil from a year earlier, or 75.2 sen a share, the company said in a statement to the stock exchange last Friday. Sales fell 14% to RM997. 9mil. In the second quarter, profit had risen 47%. Industry sales this year had been "pressured by consecutive tax-led price increases as well as the resurgence of high levels of illicit trade and the rapid growth of the very low priced cigarettes segment," the company said. Cigarette makers including British American raised retail prices in September after the government increased taxes for a fourth year to curb smoking and help narrow its budget deficit. Higher prices may encourage customers to switch to cheaper, illegal cigarettes, it said in July. – Bloomberg
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