Czech Philip Morris Q1 revenue falls 17 pct to 2.32 bln crowns

Philip Morris CR as

18/05/2015 07:33

PRAGUE, May 18 (Reuters) - Czech tobacco firm Philip Morris 
CR  TABK.PR  posted first-quarter revenue net of excise and 
value-added taxes of 2.32 billion Czech crowns ($97.01 million), 
down 17.2 percent on the year, it said on Monday. 
    Philip Morris CR said that revenue fell mainly due to a new 
manufacturing model, in which the company does not own materials 
for the production and is being remunerated for the service of 
transformation of materials into finished goods. 
    In this model, introduced on January 1, 2015, the company 
also ceased to record export shipments. 
    Gross profit rose in the first three months by 12.2 percent 
to 1.1 billion crowns. 
 
($1 = 23.9160 Czech crowns) 
 
 (Reporting by Robert Muller, editing by Louise Heavens) 
 ((robert.muller@thomsonreuters.com; +420224190475; Reuters 
Messaging: robert.muller.thomsonreuters.com@reuters.net)) 
 
Keywords: PHILIP MORRIS CR RESULTS/Q1