BAT profit after tax goes down by 45 percent
The after-tax profit for cigarette maker BAT went down by 45 percent to $8.48 million for 2016. The profit for the previous year was $15.4 million. The company attributed the decline to reduced sales.
The company also announced that revenue had gone down by 25 percent from $45.3 million to $34.1 million in the same period. Operating profit also went down by 43 percent to $11.9 million down from $20.8 million.
BAT finance director Lucas Francisco told analysts on Wednesday:
Our local brands declined by 21.5 percent compared to the same period in 2015, whilst our Global Drive Brand, Dunhill grew by 7.2 percent compared to 2015 driven by a small but growing consumer base
More: The Source
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