Philip Morris CR H1 earnings exceed expectations |
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Wed, 29 Aug 2007 17:25
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PRAGUE (Thomson Financial) - Second quarter earnings from Czech tobacco firm Philip Morris CR fell year on year, but kept well above market expectations due to higher than expected exports to Philip Morris International in the EU, the company' results showed.Net profit fell 19 pct to 882 mln crowns, against market consensus of 825 mln crowns.Revenues slid by 2.3 pct to 4.68 bln crowns, which is less than expected by brokerage Atlantik FT, which saw the figure falling by 8.9 pct.Higher exports, which grew 85 pct against the 13 pct expected by the broker, and only a 4.7 pct fall of revenues in Slovakia against expected 7 pct partially offset the bigger than anticipated slump in revenues in the Czech Republic. They fell 15 pct versus the 12 pct expected by Atlantik FT.Philip Morris CR is an affiliate of Altria Group's Philip Morris International Inc.tf.TFN-Europe_newsdesk@thomson.comjmsCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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