Philip Morris Slovakia revenues up 6.9% y/y in Jan-Sep.

By bne IntelliNews November 23, 2010
Tobacco company Philip Morris Slovakia (PMS) reported a 6.9% increase of net revenues excluding excise duties and VAT for the first nine months of the year, webnoviny.sk informed. The growth reflected an increase of prices in 2009, whose combined effect was EUR 4.1mn. Nevertheless, the company faced lower sales and increased demand for cheaper cigarette brands. Overall sales dropped by 2.1% y/y to 2.9bn cigarettes in Jan-Sep. The decline in Q3 alone was 5.4% y/y. However, the decline of company's sales is less than the avergae decline of tobacco sales. The internal estimates of PMS showed that the cigarettes market decreased by 3.3% y/y to 5.6bn cigarettes in Jan-Sep. According to a survey carried by ACNielsen, the market share of PMS stood at 51.3% for Jan-Sep, up by 0.3%.

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