British American Tobacco posts drop in sales
Von cigarettesonline1, 15:35British American Tobacco, the world's second-biggest maker of cigarettes, said on Wednesday that group sales dropped in the first nine months of the year amid "fragile" economic recovery. Group revenue fell 1.0 percent compared with the first three quarters of 2011, BAT said in a statement. However revenue grew by 4.0 percent at constant exchange rates.
BAT added that it had sold 517 billion cigarettes during the reporting period, down 1.2 percent. "Economic recovery remains fragile this year and difficult trading conditions persist in many parts of the world," BAT chief executive Nicandro Durante said in the earnings statement.
"However, pricing remains strong, we are growing underlying market share and our global drive brands (Dunhill, Kent, Lucky Strike and Pall Mall) continue to perform well. "The trading performance of the group is good and we are on track for another year of good earnings growth," he added.