Tobacco company Philip Morris ÈR reported revenues excl. excise tax and VAT totalling CZK 11.45bn for 2016, up 5.4% y/y. Operating profit grew 8.4% to CZK 3.47bn. Net profit soared 7.7% to CZK 2.76bn. Philip Morris ÈR’s revenues in the Czech Republic went 5.7% up to CZK 6.0bn. The result was driven by the development of sales and individual brands’ contribution to sales (up CZK 186m) and favourable price development (up CZK 137m), reflecting the excise tax hike. Cigarette sales in the Czech Republic grew 3.9% to 9.18 billion pcs and in Slovakia 0.7% to 4.02 billion pcs.
Source: www.cianews.cz
