By Saabira Chaudhuri
LONDON--British American Tobacco PLC (BATS.LN) reported a rise
in first-half profit as the cigarette-maker was helped by
investments, even as revenue slid.
The maker of Dunhill and Lucky Strike posted a net profit of
2.65 billion pounds ($4.13 billion) in the six months to June 30,
compared with GBP1.75 billion a year earlier, helped by higher
finance income and profits from associates and joint ventures.
Revenue fell 5.9% to GBP6.4 billion, but was 2.4% higher at
constant exchange rates.
BAT said its results were impacted by volatile currency and
strong volume a year earlier, but its chairman, Richard Burrows,
said the company "is on course to deliver an improved second
half."
BAT's cigarette volume fell 2.9% to 322 billion sticks, a
deterioration from the 0.4% decline last year. The tobacco industry
has faced a decades-long decline in volume.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
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