CR posted 3Q13 results - consolidated revenues of 3.3 bln. CZK decreased by 1.3% in the 3Q13 versus 3Q12, due to unfavorable volume/mix in the Czech Republic and lower exports to other PMI affiliates, partially offset by better pricing in the Czech Republic and Slovakia, favorable volume/mix in Slovakia and the currency. Excluding the impact of currency, consolidated revenues decreased by 3.0%.
The decrese in revenues has slowdown vs. previous quarters as expected. We see 3Q13 results as NEUTRAL for trading with (1 0550 CZK, 0,00%) CR shares.