KUALA LUMPUR: British American Tobacco (Malaysia) Bhd net profit for the fourth quarter ended Dec 31, 2010 rose 5.7% to RM182.72 million from RM172.86 million a year ago, arising from lower financing costs due to better bond rates obtained in 2009.
Announcing a firmer set of results on Tuesday, Feb 22 it said the earnings also benefited from lower tax expense for year of assessment 2009 and higher utilisation of reinvestment allowance.
BAT said revenue for the quarter dipped 6.1% to RM959.16 million from RM1.02 billion a year ago. Earnings per share were 64 sen while net assets per share was RM1.72.
BAT declared a third interim dividend of 63 sen per share, tax exempt under the single-tier tax system, amounting to RM179.88 million for FY2010.
For FY10, BAT's net profit declined 2.1% to RM731.11 million from RM746.78 million, although revenue rose to RM3.96 billion from RM3.92 billion.
Its volume declined by 2.1% from rising illicit trade and withdrawal of packs less than 20 sticks in June last year.
Although its revenue grew by 1.1% from higher excise and pricing, net turnover declined by 4.1% from lower volumes and unfavourable pack size mix with the ban on packs less than 20 sticks, partially offset by higher pricing.
On its outlook, BAT said given the decline in volumes in 4Q 2010 following the steep excise increase coupled with the full year impact of loss of margins, it was cautious of the outlook for growth in 2011.
'The group however remains committed to its long term strategic plan to continue to improve shareholder value through enhancing the strength of its brand portfolio and through its strategic initiatives on growth, productivity, responsibility and winning organisation,' it said.
Announcing a firmer set of results on Tuesday, Feb 22 it said the earnings also benefited from lower tax expense for year of assessment 2009 and higher utilisation of reinvestment allowance.
BAT said revenue for the quarter dipped 6.1% to RM959.16 million from RM1.02 billion a year ago. Earnings per share were 64 sen while net assets per share was RM1.72.
BAT declared a third interim dividend of 63 sen per share, tax exempt under the single-tier tax system, amounting to RM179.88 million for FY2010.
For FY10, BAT's net profit declined 2.1% to RM731.11 million from RM746.78 million, although revenue rose to RM3.96 billion from RM3.92 billion.
Its volume declined by 2.1% from rising illicit trade and withdrawal of packs less than 20 sticks in June last year.
Although its revenue grew by 1.1% from higher excise and pricing, net turnover declined by 4.1% from lower volumes and unfavourable pack size mix with the ban on packs less than 20 sticks, partially offset by higher pricing.
On its outlook, BAT said given the decline in volumes in 4Q 2010 following the steep excise increase coupled with the full year impact of loss of margins, it was cautious of the outlook for growth in 2011.
'The group however remains committed to its long term strategic plan to continue to improve shareholder value through enhancing the strength of its brand portfolio and through its strategic initiatives on growth, productivity, responsibility and winning organisation,' it said.
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