Comment on Philip Morris Int'l 1Q profit falls nearly 12 pct

Philip Morris Int'l 1Q profit falls nearly 12 pct

(AP) — Philip Morris International Inc. said Thursday that its first-quarter profit dropped nearly 12 percent as cigarette sales fell in the overseas markets that it serves and it was hurt by foreign exchange rates for the U.S. dollar. Smokers face tax increases, bans, health concerns and social stigma worldwide, but the effect of those on cigarette demand generally is less stark outside the United States. Philip Morris International has compensated for volume declines by raising prices and cutting costs. Because it does all its business overseas, the company also has to navigate changes in currency values.

 

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