BAT Industries said its profit rose 115%...
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BAT Industries said its profit rose 115% in the recent quarter on the strength of increased tobacco revenue.
London-based BAT is the world’s second-biggest international tobacco company, with brands such as Kool and Lucky Strike. The company earned $766.5 million for the three months ended June 30, up from $688.8 million a year earlier.
BAT Chairman Lord Cairns said the tobacco and insurance conglomerate “is continuing to make good progress.”
But he noted that cigarette companies face a hostile climate in the key U.S. market. Cigarette sales fell by volume in the United States, but the drop was offset by higher prices.
The market share of its Louisville-based subsidiary, Brown & Williamson Tobacco Corp., the No. 3 U.S. cigarette maker, slipped to 17.7% from 18.3% in the year-earlier period.
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