♦ In line. BAT’s 9MFY12/10’s net profit of RM548.4m (-4.4% yoy) was within
expectations, accounting for 76% of both our and consensus forecasts. This
was on the back of a 3.6% growth in revenues. Earnings were weaker yoy
due to thinner operating margins as a result of the ban on less than 20’s
pack. For 9MFY10, operating margin was 2.5%-pts lower than 9MFY09’s
27.5%. BAT also announced a 2nd interim dividend of 64 sen, bringing YTD
total to 177 sen (9MFY09: 174 sen).
British American Tobacco Berhad : Impact Of Less Than 20’s Ban Cushioned By Relaunch Of Peter Stuyvesant - ...
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