[Intl-tobacco] BAT Says Profits Rise, Outlook Bright (fwd)

[Robert Weissman]

BAT Says Profits Rise, Outlook Bright
Source: Reuters, Wednesday, 5/2/01

LONDON (Reuters) - British American Tobacco Plc on Wednesday reported a
sound start to 2001 and forecast a good increase in both operating profit
and earnings per share for the full year.

Pre-tax profit after amortization of goodwill more than doubled to 463
million pounds ($661.7 million) for three months ended March 2001 from 223
million a year ago, benefiting from the absence of last year's exceptional
charges.  Adjusted earnings per share was up nine percent at 12.54 pence.

The world's second largest tobacco group said volumes rose over one
percent to 195 billion cigarettes, the first increase on a comparable
basis in two years, it said.

BAT also announced it was in discussions with the Chinese government about
the establishment of a new joint venture company in China.