British American Tobacco's first-quarter profits are up 1 per cent despite a worldwide slump in volumes.
Pre-tax profits grew to £472 million sterling, from £467 million in the same period last year. The increase is in line with analysts' expectations.
The group, which makes the Lucky Strike and Dunhill cigarette brands, has seen sales fall as smokers switch to cheaper brands due to the tough economic climate.
Its global brands, which also include Kent and Pall Mall, achieved overall growth of 3 per cent. But total group volumes slid by 6 per cent in the first quarter.
BAT's Latin America markets were particularly badly hit, with all markets except Venezuela and the Caribbean seeing a fall in volumes. In Argentina, volumes were lower and profits were halved as a result of the country's economic crisis.
Group revenues for the first quarter fell from £6.13 billion to £5.96 billion.
Profit from the America-Pacific region was up £32 million to £233 million, reflecting higher contributions in the United States, Canada and South Korea.
PA