NEW YORK (Yosefardi) – Philip Morris International Inc. (PMI) booked nNet revenues of $8.7 billion in 2014, decreased by 16.9% from 2013, including unfavorable currency of $1.0 billion.
Excluding currency, net revenues decreased by 7.2%, due to unfavorable volume/mix of $906 million, primarily in Australia and Japan, partly offset by favorable pricing of $155 million, notably in Indonesia, despite the adverse impact of the Philippines.
PMI’s cigarette shipment volume of 288.1 billion units decreased by 4.4%, due primarily to: the unfavorable impact of an adjustment in distributor inventories in Japan; lower total market and share in Australia, mainly reflecting the impact of excise tax-driven price increases and competitive pricing in the deep discount segment, Japan and Pakistan, and lower share in Indonesia.