Uganda: Batu Posts Sh3.2 Billion Profits

Source from:  New Vision 03/18/2009

Kampala - BRITISH American Tobacco Uganda's (BATU) net profits fell to sh3.2b in 2008 from sh6.1b in 2007 due to foreign exchange losses, a statement of the company's audited accounts shows. However, the operating profit increased to sh19b from sh15b in 2007. "This was largely driven by increased cigarette sales and benefits from the leaf business reorganisation," Isaac Ampeire, the company secretary, said in the statement. The directors do not recommend a dividend payment to shareholders. The company continued with its business strategy of reducing costs and increasing competitiveness. "BATU continued with its strategy to reshape its business to ensure sustainability in the longer term." Cigarette sales volumes also grew by 8%. Enditem