BAT Q2 profit at RM55mil

BAT said the contraction was as a result of the illicit cigarette volume and illicit nicotine vaping growth, market downtrading and lower duty-free sales as a result of the regional and international travel restrictions due to the Covid-19 pandemic and the movement control order (MCO).

PETALING JAYA: British American Tobacco (Malaysia) Bhd (BAT) reported a net profit of RM54.61mil for its second quarter ended June 30, compared with RM76.27mil in the previous corresponding period, mainly attributed to legal market contraction.

In a filing with Bursa Malaysia, BAT said the contraction was as a result of the illicit cigarette volume and illicit nicotine vaping growth, market downtrading and lower duty-free sales as a result of the regional and international travel restrictions due to the Covid-19 pandemic and the movement control order (MCO). “This was partially offset by the benefit of cost rationalisation that the group has undertaken.”