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British American Tobacco Profit Up
British American Tobacco, the second-largest tobacconist in the world,[link widoczny dla zalogowanych], and the leading tobacco company by revenue in Europe reported last week an increase in full-year profits mainly on sales growth,[link widoczny dla zalogowanych], encouraged by growing sales in developing markets. The rise totaled 6.1 percent in the full year 2010, as Bat sold more Kent and Dunhill cigarettes in Russia. However,[link widoczny dla zalogowanych], the company said sale volumes decreased as some markets struggled with recession and fluctuations.
British American Tobacco increased prices to compensate for a decline in demand and higher taxes as governments tied up budgets and discouraged tobacco consumption. Japan approved a record tax hike last October, increasing the tax by 40 percent,[link widoczny dla zalogowanych], Turkey hiked its cigarette tax by 29 percent in the late 2009 and Australia approved a 25-percent tax increase in April. Therefore, the company increased prices by 5.8 percent in 2010,[link widoczny dla zalogowanych], according to MF Global analysts.
“We consider that pricing would remain solid in 2011”, said MF Global Senior Analyst Andy Smith in a statement to investors.
Revenues went up by 4.8 percent to 14.88 billion pounds,[link widoczny dla zalogowanych],British American Tobacco Profit Up, the London-based tobacco company stated.