Czech unit of Philip Morris says H1 profit up 1% on higher prices, exports.

By bne IntelliNews August 30, 2011
The Czech unit of US cigarette maker Philip Morris said first-half consolidated net profit rose 1% y/y to CZK 1.13bn (EUR 47mn) thanks to higher prices and stronger demand from abroad. The companys revenue increased 1.5% to CZK 5.62bn as the company exported more to European Union nations. Sales in the core Czech and Slovak markets, however, remained under pressure by consumers moving to cheaper tobacco products, managing director Andras Tovisi said in a statement. Philip Morris market share in the Czech Republic declined by 2.5pps to 52.3%, reflecting share declines for lower-margin local brands, partially offset by higher share for international brands such as Marlboro, L&M and Red & White. Shipments in neighbouring Slovakia decreased by 3.8% and its market share fell by 3.4pps to 48.9%, according to data from ACNielsen agency. Philip Morris CR operates the Czech Republics sole tobacco and cigarette producing facility.

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