Profits back up at Philip Morris

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PHILIP MORRIS yesterday reported a 19 per cent increase in net income for its second quarter, after staging a comeback in the US cigarette market, writes Michael Marray.

The company had a net income of dollars 1.23bn (pounds 78.6m) for the quarter ended 30 June 1994, against dollars 1bn last year.

In April 1993 Philip Morris slashed the price of Marlboro cigarettes, leading to a share price collapse known as Marlboro Friday.

The most recent retail cigarette market share figure puts Marlboro at 28.5 per cent, and Philip Morris USA at 46.6 per cent - both record highs.

R J Reynolds, grandson of the founder of the eponymous tobacco company, died on June 28 of emphysema and congestive heart failure, aged 60. His brother, Patrick, said: 'There is no doubt in my mind that he died from smoking.'