 | | Sharp Yun Development Limited - 康寶萊獨立直銷商 | | 減肥增重No.1 (852) 9437-3298 殷小姐 |
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Oct 22 (Reuters) - Philip Morris International's (PMI) shares hit record highs on Tuesday after the cigarette maker raised its annual profit forecast and beat third-quarter estimates
thanks to higher prices and strong demand for
its smoking alternatives.
PMI has invested billions of dollars in developing substitutes for cigarettes as health-conscious consumers switch to smoking alternatives in some markets, including its IQOS
heated tobacco device and ZYN nicotine pouches,
which are now a key focus for investors.
U.S. ZYN shipments in the quarter grew 41.4% over the prior-year period, rebounding after supply constraints curtailed rapid growth.
The Marlboro maker has been investing to expand production capacity for ZYN,
in an effort to meet strong demand.
The company's flagship heated tobacco device, IQOS, also saw strong growth in regions such as Japan, Europe and Indonesia, reassuring investors after
volumes lagged expectations in the past.
"We delivered exceptionally strong performance, with record quarterly net revenues and earnings per share," said Chief Executive Officer
Jacek Olczak, adding IQOS growth had also accelerated.
PMI's shares rose 9%, and remained almost 8% higher at 11.43 a.m.
(1543 GMT) in New York trading.
The company also enjoyed higher shipment volumes for cigarettes, with higher pricing also driving a 5.2% increase in revenues
from its combustible tobacco business.
PMI raised its forecast for 2024 adjusted earnings
per share, excluding currency, to between $6.85 and $6.91,
compared with its prior range of $6.67 to $6.79.
It reported revenue of $9.91 billion for the third quarter, versus analysts' estimates of $9.69 billion, according to data compiled by LSEG.
Its quarterly adjusted profit of $1.91 per share also beat estimates of $1.82 per share.
Last week, Philip Morris said it, along with peers British American Tobacco and Japan Tobacco, would pay C$32.5 billion ($23.6 billion) to settle long-running health-related lawsuits in Canada.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Shilpi Majumdar and Sharon Singleton) |
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KUALA LUMPUR, Dec 10 (Reuters) - Former Malaysian Prime Minister Mahathir Mohamad denied allegations that
he betrayed the country on Tuesday, after a royal inquiry
called for a criminal probe against him over a 2018 government
decision to drop claims on two disputed islets.
In a report published last week, a royal commission of inquiry (RCI) recommended 99-year-old Mahathir face investigation for the decision,
made while he was in office, to withdraw Malaysia's bid to
overturn a World Court ruling over the sovereignty of the Pedra Branca islet between Malaysia
and Singapore.
Malaysia had also requested clarification from the court on the status of another
disputed islet, according to the RCI report.
Both applications, made in 2017, were withdrawn after the election of a
coalition led by Mahathir the following year.
Mahathir told reporters on Tuesday the decision to drop the claims
had been made by the then cabinet on the advice
of legal experts.
He questioned why those government ministers had not been called as witnesses to the inquiry or to face similar
probes.
"All these people were in the cabinet meeting, if they have anything to complain or object to the decision... they could have spoken against it, but none of them said anything," he said.
The inquiry began this year after current Prime Minister Anwar Ibrahim called for a
review of the dropped claims.
Mahathir described the RCI as politically motivated and aimed at destroying his reputation. He rejected accusations by Anwar that
the inquiry's findings revealed treachery on the part of Mahathir's government.
"If I am treacherous, then so was my deputy (at the time)," he said, referring to
Anwar's wife, Wan Azizah Wan Ismail, who was deputy
premier during Mahathir's tenure.
Mahathir and Anwar, his former protégé-turned-rival,
have been locked in an on-off feud that has shaped Malaysian politics for decades.
The pair mended fences to oust the long-ruling Barisan Nasional government in 2018, but their coalition collapsed in less
than two years amid infighting.
Anwar became prime minister in 2022 promising to tackle corruption but has faced accusations from some critics of targeting political foes.
He has denied the accusations, saying he does not interfere in court cases.
(Reporting by Ashley Tang; Writing by Rozanna Latiff; Editing by Kate Mayberry) |
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