Swedish Match reported first quarter profit of SEK 668 million (EUR 75 million) or SEK 3.24 per share versus SEK 533 million or SEK 2.49 per share a year ago.

Volume sales of snus (cans) and snuff during the first three months of this year were flat Scandinavian markets when compared with those of the first quarter of 2011, while volume sales of its snus and snuff cent in the US were down by four per cent.
However, profit margin at the snus and snuff division, which makes up more than half of the group's profit, grew to 47.1 per cent from 44.0 per cent, well above a forecast for 44.5 per cent, helped by price increases in Sweden and sales growth in Norway. Snus is banned in the European Union except Sweden.
Volumes at the U.S. cheap cigar business, which has grown fast in recent years, were up 34 per cent with local currency sales up more than 20 per cent.
Chief Executive Lars Dahlgren told Reuters he expects the Scandinavian and US snus and snuff markets to grow 3 to 4 per cent and 5 per cent respectively, and US cheap cigar volumes to grow more than 10 per cent.
The company said it will continue to invest for growth for snus internationally and will expand distribution in the US and invest further in marketing activities. (pi)