LATIN AMERICA TOBACCO SECTOR RIDES OUT THE RECESSION
March 1st, 2010
BY PACIFICA GODDARD
LAST year in Latin America, British American Tobacco (BAT) and Philip Morris International (PMI), the region's two dominant companies, battled to maintain profits through declining volumes. Overall, Latin America was profitable for both companies. For BAT, profits were mainly attributable to a strong performance in Brazil, and improved premium brand sales, however volumes sales declined throughout the region. PMI was able to gain shares and increase profit in Argentina, Brazil and Mexico although it also lost significant volumes in Brazil and ...
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