August 19, 2014 / 6:40 AM / 3 years ago

Czech Philip Morris H1 net profit up 23 percent

PRAGUE, Aug 19 (Reuters) - Consolidated net profit at Czech tobacco group Philip Morris CR rose 23 percent to 1.1 billion crowns ($52.67 million) in the first half, helped by better pricing in its markets.

Revenue increased by 6 percent to 6.4 billion crowns, the Philip Morris International (PMI) unit said.

“While our mid-year financial results were helped by favourable pricing and volume/mix in both the Czech Republic and Slovakia, this was partly offset by lower exports to other PMI affiliates,” Chairman Andras Tovisi said in a statement.

“The outlook for the rest of the year largely depends on several factors, including changes in the economic environment, the underlying legal cigarette market decline and the extent of consumer down-trading to lower taxed products.” (1 US dollar = 20.8860 Czech crown) (Reporting by Jason Hovet)

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