According to a report from New Straits Times on October 30th, British American Tobacco (M) Bhd (BAT Malaysia) disclosed a net profit of 59.53 million Malaysian Ringgit for the third quarter of its fiscal year 2023. This represents a decrease compared to the same period last year, when the company reported a net profit of 75.25 million Malaysian Ringgit.
Managing Director Nedal Salem said that given the current economic environment, inflationary pressures and limited disposable income for consumers, the financial performance for the third quarter met expectations.
British American Tobacco Malaysia is encouraged by the government's ongoing efforts to address the persisting issue of the tobacco black market, as its prevalence remains significant.
We appreciate the government's recognition of the seriousness of the tobacco black market and their continued efforts to address this issue, which has cost Malaysia an annual revenue loss of 5 billion ringgit. We believe that the measures announced during the recent deliberation on the 2024 budget will play a significant role in tackling the prevalence of the tobacco black market if effectively implemented.
The Malaysian British American Tobacco Company also supports the government's decision to maintain the current level of consumption rather than further fueling the illicit tobacco market.
Nidal stated, "We strongly urge the government to pursue evidence-based and data-driven policies in order to ensure that Malaysian e-cigarette consumers have access to low-risk products that meet quality and safety standards."
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