Philip Morris International (PMI) revenue fell nearly 9 per cent in the first quarter as unfavourable currency exchange rates reduced dollar-denominated sales. The company said it shipped nine billion fewer cigarettes.

“While currencies remain volatile, we have recently witnessed an improvement in their unfavourable impact on our business”, and have increased earnings expectations for the full year, said Chief Executive Officer André Calantzopoulos. “Our first-quarter results were in line with our expectations, given the known challenges we face in Asia and inventory distortions."
Shipping volume at 196 billion cigarettes decreased by 4.4 per cent due to declining markets principally in the European Union countries and Russia, PMI said. Indonesia was a weak spot in Asia. Marlboro shipments fell 4.1 per cent to 65.9 billion units. L&M shipments at 21 billion units decreased 5.8 per cent.
Operating companies income (profit) fell nearly 13 per cent to USD 3 billion (EUR 2.2 billion) on sales of USD 6.9 billion.