Imperial Brands Profit Lifted by Investment Gains
May 03 2017 - 2:05AM
Dow Jones News
By Saabira Chaudhuri
LONDON--Imperial Brands PLC (IMB.LN) reported a jump in
first-half profit as the cigarette maker was helped by higher
investment income.
Imperial, which makes the JPS and Gauloises brands, said net
profit rose to 675 million pounds ($871 million) in the six months
ended March 31 from GBP290 million a year earlier.
Revenue rose to GBP14.3 billion from GBP12.81 billion.
The results were helped by a rise in investment income to GBP730
million from GBP290 million a year earlier. Operating profit fell
to GBP902 million from GBP1 billion.
Total tobacco volume fell 5.7 in the period to 126.3 billion
sticks, a deterioration from the 3.1% decline in the year-earlier
period. Tobacco net revenue climbed 9.3% but dropped 5.5% in
constant currencies.
U.K.-based Imperial's results come as the country later this
month implements plain packaging, under which cigarettes will be
sold in uniform packs stripped of distinctive logos and colors, and
adorned with graphic health warnings. Australia and France also
have plain packaging laws in place and other countries like Ireland
and Hungary are on a path to similar legislation.
-Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
(END) Dow Jones Newswires
May 03, 2017 02:50 ET (06:50 GMT)
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