BAT posts $73,7m profit in Q1

LISTED cigarette maker, British American Tobacco (BAT) posted a profit of $73,7 million driven by revenue growth during the half year ended June 30, 2020 from a loss position of $18,82 million in the prior year.

Although the company’s total sales volumes for the period under review decreased by 3% compared to the same period in prior year mainly due to shrinking consumer disposable incomes and the impact of the COVID-19-induced lockdown, revenue grew by 20%.

The decline in volumes was caused by restrictions on movement of people and their normal way of life such as visiting recreational facilities, where products are normally consumed.

This story is for NewsDay subscribers.