PM profits plummet

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Philip Morris Cos., New York, said fourth-quarter net income nose-dived by 79% from a year ago, to $274 million. Hurting profits was $2 billion-plus in charges related to tobacco litigation settlements, PM said. Revenue was up 7% to $18.4 billion; tobacco revenue worldwide rose 10% to $10.2 billion. For the year, net income fell 15% to $5.4 billion; revenue climbed 3% to $74.4 billion.

Copyright January 1999, Crain Communications Inc.

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