Printer Friendly

B.A.T. INDUSTRIES ANNOUNCES MASSIVE PROFIT RISE

 B.A.T. INDUSTRIES ANNOUNCES MASSIVE PROFIT RISE
 LONDON, July 29 /PRNewswire/ -- B.A.T. Industries plc (AMEX: BTI)


today announced a huge increase in profit for the six months to June 30, 1992. Pre-tax profits were up 55 percent to 645 million pounds sterling thanks to good growth from both tobacco and financial services. Earnings per share were 127 percent higher at 22.9p.
 These two sectors performed as follows:
 Tobacco: record first half trading profit of 475 million pounds, reflecting good performances in most domestic and export markets. Group export volumes grew by 20 percent and now account for over one fifth of total cigarette sales.
 Financial services: trading profit from continuing operations increased to 252 million pounds. This welcome recovery reflected the sharp reduction in Eagle Star's pre-tax loss from 175 million pounds to 47 million pounds, and higher profits from Farmers, Allied Dunbar and Canada Trust. The net profit of 19 million pounds from discontinued operations included the gain on the sale of Australian Eagle.
 The board is confident of real progress in the group as a whole and has declared an interim dividend of 0.146 pounds, an increase of nine percent on a pro-forma basis.
 Commenting on the dividend declaration, chairman Sir Patrick Sheehy said: "This is consistent with our commitment to sustained dividend growth significantly in excess of the rate of inflation and is a rate of increase that I expect to be at least maintained."
 B.A.T. INDUSTRIES PLC
 (In millions of pounds, except per share figures)
 Six months June 30: 1992 1991 Pct. Chg.
 Continuing operations revenue
 (incl. exchanges managed by Farmers) 9,417 8,950 + 5
 Continuing operations trading profit 730 535 + 36
 Pre-tax profit 645 415 + 55
 Earnings per share 22.9p 10.1p +127
 Dividend per share 14.6p 13.4p(A) + 9
 (A) -- Restated on a pro-forma basis
 -0- 7/29/92
 /CONTACT: David Allvey, group finance director, or Michael Prideaux, (between 1430-1830, GMT) of B.A.T. Industries, in the U.K.: 44-71-222-7979/
 (BTI) CO: B.A.T. Industries plc ST: IN: TOB SU: ERN


TS -- NY007 -- 4375 07/29/92 06:19 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 29, 1992
Words:359
Previous Article:MIDWEST RESOURCES ANNOUNCES EARNINGS
Next Article:NEW FIVE-WAY FELINE VACCINE OFFERS 'UNSURPASSED' CONVENIENCE, EFFICACY AND SAFETY IN A SINGLE DOSE
Topics:


Related Articles
B.A.T. INDUSTRIES ISSUES QUARTERLY REPORT TO SEPTEMBER 1991
B.A.T INDUSTRIES REPORTS INCREASED PROFITS TO END OF SEPTEMBER
BAT INDUSTRIES MAKES PRELIMINARY ANNOUNCEMENT - YEAR ENDED DEC. 31, 1992
B.A.T. INDUSTRIES PLC ANNOUNCES QUARTERLY RESULTS
BAT INDUSTRIES QUARTERLY REPORT TO JUNE 30, 1993
B.A.T INDUSTRIES ANNOUNCE QUARTERLY REPORT TO MARCH 31, 1994
BAT INDUSTRIES DECLARE QUARTERLY REPORT
BAT ANNOUNCES QUARTERLY RESULTS
B.A.T. INDUSTRIES ANNOUNCES RECORD FIRST QUARTER PROFIT
B.A.T. Industries Announces Results for Year Ended December 31, 1996

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters