US. Philip Morris, part of Altria Group, grew duty free tobacco volumes during the six-month period ended 30 June 2004.
Talking of the duty free channel, the company said: “In worldwide duty free, volume increased, reflecting the global recovery in travel, a favorable comparison to the prior year, which was depressed by the effects of SARS and the Iraq war, and a strong performance in Turkey.”
Flagship brand Marlboro also grew in worldwide duty free, though the brand declined -2% in volume terms worldwide, including domestic markets.
For the six months, net revenues for the group worldwide increased by +11.6% to US$4.6 billion (11.6%), due primarily to an increase in net revenues from the tobacco and the North American food businesses (Kraft) and favorable currency rates.
Currency movements alone increased net revenues by US$2.2 billion (US$1.2 billion, after excluding the impact of currency movements on excise taxes) and operating income by US$422 million. That was due primarily to the weakness versus prior year of the U.S. dollar, primarily against the Euro, Japanese Yen and Russian Rouble.
Net revenues for the quarter ended 30 June increased by US$2.2 billion (+10.5%), due primarily to an increase in net revenues from the tobacco and North American food businesses and favorable currency.
MORE STORIES ON PHILIP MORRIS
Duty free returns to growth in Philip Morris results – 29/01/04
Philip Morris volumes hit by duty free decrease – 21/08/03
BAT and Philip Morris win bids for Serbian tobacco companies – 14/08/03
