UPDATE 1-Czech Philip Morris H1 net rises 23 pct

* Unconsolidated net rises to 1.17 bln crown

* Sees depressed market rest of year

(Add outlook, revenue)

PRAGUE, Aug 31 (Reuters) - Cigarette maker Philip Morris
Czech Republic (TABKsp.PR) said first half unconsolidated net
profit rose 23 percent to 1.17 billion crowns ($59.54 million),
after it hiked prices last year and boosted exports.

The tobacco group, active in the Czech and Slovak markets
and majority owned by Philip Morris International (PM.N), pays
its annual dividend out of unconsolidated profit, which excludes
the firm's Slovak operations.

The company's shares rose 0.7 percent on the day to 8,850
crowns, outperforming a 1 percent drop in Prague .PX.

The group said consolidated revenue rose 1 percent in the
period to 5.54 billion crowns.

It said consumption in the Czech market is likely to stay
depressed for the rest of the year due to fragile economic
recovery and after a drop caused by tax hikes earlier this year.
(Reporting by Roman Gazdik, writing by Jason Hovet; Editing by
Mike Nesbit)
($1=19.65 Czech Crowns)