Domestic cigarette sales increased by 6.8% y-o-y to 20.4bn pieces in 2003. According to the second largest Czech tobacco producer Reemtsma, the market was likely positively influenced by the increase in excise taxes on loose tobacco in 2001 and also by more effective controls of illegal imports and sales. Source: Czech Press Agency. We estimate that Philip Morris CR increased its domestic nominal sales by 5% last year.
Jan Hájek, Patria Finance