Czech unit of Philip Morris raises dividend on higher 2010 profit.

By bne IntelliNews May 2, 2011
The shareholders of Philip Morris Czech unit approved a CZK 1,260 (EUR 52) per share gross dividend for 2010 up from CZK 780 in the previous year after it posted a 13% rise in 2010 profit, the cigarette maker said on its website. The company will pay out CZK 3.46bn in dividends from last years CZK 2.43bn profit and retained earnings from previous years. The shareholders also decided to appoint Andras Tovisi as chief executive of the company as of June. Tovisi, currently the head of Philip Morris Hungarian unit, will replace Alvise Giustiniani who will become a vice-president for Thailand, Hong Kong, Taiwan, Indochina and Bangladesh. Philip Morris CR operates the Czech Republics sole tobacco and cigarette producing facility. The companys share on the domestic market fell by 1.5pps to 54% in 2010, according to a retail audit research conducted by A.C. Nielsen. The company is also active in Slovakia, where it has a 50.6% market share.

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