9:31 pm5 Aug 2009
British American Tobacco - 2Q09: Sharp volume contraction
2Q09: Net profit of RM201.2m (1H09: RM407.2m) was in line with consensus and 51% of our full-year forecast. Gross profit fell 7.5% yoy and 6.8% qoq to RM377.0m, but net profit improved 3.1% yoy due to sharply lower operating costs (-22% yoy and -19.4% qoq), which we attribute partly to lower AP...