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PRAGUE -(Dow Jones)- Philip Morris CR AS (BAATABAK.PR) mentioned Monday its first-50 % consolidated net revenue rose 1% on the calendar year to one.13 billion koruna ($ 68.one million) in line with market place anticipations, but warned its income continue to be underneath stress as Czech and Slovak smokers shift to less costly brand names. The Czech Republic-based subsidiary of cigarette-maker Philip Morris Global Inc. (PM) posted a one.five% year-on-yr profits enhance to CZK5.62 billion in the 6 months by way of end-June. The company won't report quarterly earnings. "Our shipment volume stays underneath strain in each the Czech Republic and Slovakia, because of mostly to ongoing consumer down-buying and selling to more affordable tobacco goods, like roll-your-very own tobacco," Andras Tovisi, Philip Morris CR's Chairman, mentioned in a assertion. The Czech industry share of Philip Morris CR declined 2.four percentage details to 52.three%, according to ACNielsen information, which attributed the share drop to a shift by smokers to reduce-margin nearby brands. Philip Morris CR sees the rest of 2011 as uncertain as its sales may stay beneath pressure because of the ongoing down-trading by smokers and curbs in spending by customers amid latest financial uncertainties, the firm explained. Previously this year the company reiterated its prepare to proceed having to pay out a hundred% of its net revenue in dividends. The stock closed up three.six% on the day at CZK10,895. Copyright © 2011 Dow Jones Newswires