BAT Posts Stronger 2016 Profit, Helped by Currency Moves
February 23 2017 - 2:52AM
Dow Jones News
By Saabira Chaudhuri
British American Tobacco PLC reported Thursday stronger profit
for 2016, helped by higher revenue and favorable currency
moves.
BAT reported annual profit of 4.65 billion pounds ($5.8
billion), compared with GBP4.29 billion pounds in 2015, on revenue
that was 13% higher at GBP14 billion.
The maker of Lucky Strike and Dunhill cigarettes said the volume
of cigarettes sold declined 0.8% on an organic basis compared with
a decline of 0.5% a year earlier and against an estimated industry
decline of 3%.
BAT last month agreed to take full control of Reynolds American
Inc. in a $49.4 billion deal. Buying Reynolds will give the
London-based tobacco giant direct access to the U.S., 13 years
after it merged its U.S. business Brown & Williamson with R.J.
Reynolds Tobacco Holdings Inc. to form Reynolds American. BAT has
maintained a 42% stake in Reynolds ever since, with a 10-year
standstill agreement preventing it from increasing this.
-Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
(END) Dow Jones Newswires
February 23, 2017 02:37 ET (07:37 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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