Philip Morris International said sales in the European Union (EU), hit by a stronger US dollar, fell 6.6 per cent in the fourth quarter, but increases in all other regions boost company net revenue 2.8 per cent to USD 7.9 billion (EUR 5.6 billion).

Fourth-quarter operating companies income increased 9.5 per cent to USD 3.3 billion. For all of 2012, the profit measure rose 4 per cent to USD 14.2 billion. Shipment volume excluding acquisitions rose 2.9 per cent in the last three months of the year and 1.3 per cent in 2012.
Unfavourable foreign exchange rates, primarily the strength of the US currency versus the euro, were responsible for most of the fourth-quarter revenue decline in the EU, PMI said. EU shipment volume fell 5.7 per cent to 46.7 billion units, which PMI attributed to higher excise taxes and weak economies.
Latin America and Canada was the only other region reporting lower volume in the three months ended 31 Dec, down 1.1 per cent. However revenue gained 4.5 per cent and operating companies income nearly 36 per cent on product price increases.
Marlboro premium brand fourth-quarter shipments at 75.4 billion units rose 1.2 per cent and shipments of L&M gained 9.7 per cent to 24.1 billion units. Growth in eastern Europe, the Middle East and Africa boosted volumes of both brands, PMI said.  Marlboro market share and the overall share of the international market increased last year, PMI said.
Cigarette shipments in Asia, PMI’s largest region, increased 5.7 per cent to 82.6 billion units. PMI shipped 233 billion cigarettes in the fourth quarter and 927 billion units in 2012. (ci)