Cigarette shipment volume at Philip Morris International (PMI) fell 5.7 per cent to 223.1 billion sticks in the third quarter due to the continuing industry-wide slump and tax increases, the company said.

Shipments of its flagship Marlboro brand dipped 2.5 per cent to 75.2 billion units in the three-month period ended 30 Sept. Higher prices for PMI products served to hold revenue stable at USD 7.9 billion (EUR 5.8 billion), the company said. Operating profit declined 1 per cent to USD 3.66 billion.
“While the evolution of the macro-economic environment and tax-paid cigarette industry volume remain a challenge, our business fundamentals are solid and we continue to anticipate a strong final quarter,” said Chief Executive Officer André Calantzopoulos.