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Philip Morris reports 5.7% decline of Russian sales amid shrinking market

February 03, 6:01 UTC+3 MOSCOW
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MOSCOW, February 3. /TASS/. Philip Morris International (PMI), one of the world’s largest tobacco producers, reported a 5.7% decline in sales on the Russian market in 2016, compared to 2015.

In total, the company sold 79.65 million cigarettes in Russia last year, against 84.4 million in 2015.

"For the full year, the estimated total cigarette market decreased by 4.6%, mainly due to the impact of excise tax-driven price increases," the company said in a statement released Thursday.

The company accounts for 27.2% of the Russian tobacco market.

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