BAT falls 6.28% on 2Q earnings decline, lower dividend

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KUALA LUMPUR (July 26): British American Tobacco (Malaysia) Bhd (BAT) shares fell 6.28% this morning after its net profit fell 32% to RM77.23 million for the second quarter ended June 30, 2019, from RM113.72 million a year earlier, reflecting an overall decline in legal volumes as well as higher company expenses.

At 9.12am, BAT lost RM1.86 to RM27.74 with 64,400 shares done.

Revenue was also lower by 6% at RM640.81 million from RM679.15 million previously.

The group declared a second interim dividend of 26 sen per share, compared with 35 sen a year ago.

For the first half of the year, net profit fell 21% to RM165.15 million from RM209.61 million while revenue fell 4% to RM1.26 billion versus RM1.32 billion previously.