Get to know your offshore companies: PHILIP MORRIS INTERNATIONAL INC (NYSE: PM)

Philip Morris International Inc. is engaged in the manufacture and sale of cigarettes, other tobacco products and other nicotine-containing products in markets outside of the United States.

The company recently released its financial results for the second quarter ended 30 June 2020. Net revenues were down by 13.6% (down by 9.5% excluding currencies) to USD6.7 billion (2Q2019: USD7.7 billion). Operating income was down by 14.3% (down by 11.0%, excluding currency) to USD2.7 billion (2Q2019: USD 3.2 billion).

The group reported that industry volume recovery started in June as confinements resulting from COVID-19 were gradually lifted.

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