Czech Philip Morris 9-month revenue up on exports

PRAGUE Thu Nov 8, 2012 3:16am EST

PRAGUE Nov 8 (Reuters) - Czech tobacco group Philip Morris CR's revenue rose 8.9 percent in the first nine months of 2012 to 9.6 billion crowns ($481.99 million) thanks to a rise in exports.

Shipments to other Philip Morris International affiliates helped compensate for declines of 8.0 percent and 6.5 percent, respectively, in the company's Czech and Slovak markets, the company said on Thursday.

"Our domestic shipments in the Czech Republic and Slovakia remain under pressure," chairman and managing director Andras Toevisi said.

"This is due to lower total cigarette market volumes and consumer down-trading to low-price cigarettes in both markets, as well as to lower-taxed fine-cut tobacco in the Czech Republic." ($1 = 19.9173 Czech crowns) (Reporting by Jason Hovet; Editing by Jan Lopatka)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.