PMI Duty Free sales decline in Qtr2

By Administrator |

Philip Morris International (PMI) has reported diluted earnings per share of $0.79 in the second quarter of 2009, down 1.3% from $0.80 in the second quarter of 2008 with adverse currency conditions impacting results in

a period where global duty free sales also fell, according to Chairman and Ceo Louis Camilleri.

The company said that total global net revenues of $6.1bn, were down by 8.6% due to an unfavourable currency impact of $1.2bn, although excluding this influence, net revenues would have increased by 8.8%

The company said that its cigarette shipment volume of 223.2bn units was unchanged, with gains in Asia, driven by Indonesia, Korea and Pakistan, and Latin America and Canada, offset by declines primarily in the EU, particularly in Italy, Poland and Spain, and EEMA, mainly in Romania, Ukraine and PMI Duty Free. On an organic basis, which excludes acquisitions, PMI's cigarette shipment volume was down 1.1%.

The company said: ‘Despite strong growth in Asia, total cigarette shipments of Marlboro of 78.3bn units were down 1.1%, primarily due to market declines in the EU and EEMA, a reduction in PMI Duty Free volume, reflecting the unfavourable impact of the global economy on travel, and a softening of the premium segment in Russia and Ukraine.

‘Total cigarette shipments of L&M of 23.2bn units were down 6.3%, with growth in the EU offset by a decline in the other regions. Driven by a decrease in shipments in EEMA, total cigarette shipments of Chesterfield declined 9.4%. Total cigarette shipments of Parliament recorded growth, up 1.3%, driven by gains in EEMA. Total cigarette shipments of Virginia Slims declined 7.5%. Total cigarette shipments of Lark increased by 20.5%, driven by growth in EEMA and Asia.’

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