CORRECTED - EARNINGS POLL-Czech Philip Morris profit seen down

...the company to report on 
Wednesday, Aug. 29 
    * Consolidated net profit seen at 862 million crowns ($42.4 
million) 
     
    Net profit at cigarette maker 
Philip Morris CR  is expected to drop by 21 percent 
in the first half due to excise tax hikes that have pushed 
smokers to switch to cheaper brands, a Reuters poll showed on 
Tuesday. 
    The unit of U.S.-based Altria Group  is expected to 
post a consolidated net profit of 862 million crowns ($42.38 
million), according to the average forecast of seven analysts, 
down from 1.09 billion in the same period last year. 
    Consolidated sales are estimated at 4.31 billion crowns, 12 
percent down from a year ago. 
    "The trend remains similar to several recent quarters, with 
smokers switching to cheaper brands because of further tax 
hikes," said Milan Vanicek, analyst at Czech brokerage Atlantik 
FT. 
    "The impact of the tax hikes is mainly on Philip Morris's 
portfolio structure - the lower-priced brands with lower margin 
are playing a higher role," Vanicek added. 
    The excise tax on the key Czech market rose in March by an 
average of 7 to 9 crowns per package, and taxes will rise again 
in January. 
    The stock has lost 10 percent since the beginning of the 
year, underperforming the main Prague PX  index which has 
gained 12 percent. 
    It stood half a percent weaker at 9,800 crowns at 1000 GMT 
on Tuesday, at 14 times forecast 2007 earnings, according to 
Reuters data. 
    Czech Philip Morris usually pays out in dividends the entire 
annual unconsolidated net profit, which does not include its 
Slovak operations. 
     
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 Consolidated H1    Average    Median    H1/06        Range 
Revenues (CZK bln)   4.309     4.361     4.878     4.05- 4.52 
EBITDA               1.304     1.306     1.706     1.20- 1.42 
EBIT                 1.104     1.094     1.506     1.00- 1.23 
Net profit           0.862     0.822     1.093     0.74- 1.09 
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    The following equity houses took part in the poll: Atlantik 
FT, BH Securities, Cyrrus, Erste Bank/Ceska Sporitelna, 
KBC/Patria Finance, UniCredit Global Research, Wood & Company. 
  
 

[PRAGUE/Reuters/Finance.cz]