烟草在线据彭博报道编译　　欧洲最大的无烟烟草产品制造商瑞典火柴公司报道，由于鼻烟在美国和瑞典的强劲销售。第二季度的利润达到了分析家的预期。

　　7月18日，这家位于斯德哥尔摩的公司说，净收入增加了16%，从一年前的4.41亿克朗达到了5.12亿瑞典克朗（8600万美元）。彭博汇编的8位分析家估计的平均数为4.71亿克朗。

　　鼻烟是瑞典火柴的主要盈利来源和最盈利的产品。在第一季度的增长被瑞典两年内的第二次提税抑制后，称这种产品为湿鼻烟的斯堪的纳维亚的盈利增长了。由于英美烟草和奥驰亚集团争夺市场份额，该国和美国的竞争加剧了。

　　“数据很有力，每一部分都达到了预期，特别是鼻烟，”伦敦的雷曼兄弟的一位分析家在对投资者的分析中写道，他对瑞典火柴的评级为“加码”。

　　第二季度的销售额增加了6.3%，达到了32.8亿克朗。来自鼻烟的收入，从瑞典的将军品牌到美国的森林狼品牌，增长了20%，达到了9.53亿克朗。营业收入中第二高的雪茄，包括Macanudo和白猫头鹰商标在内的雪茄的销售额增长了7%，达到了9.08亿瑞典克朗。

　　股价上涨

　　在斯德哥尔摩的交易所中，瑞典火柴增加了6克朗，即5.5%，为116克朗，是一年内最高的股价。今年，该股价下降了25%，是连续11年增长后，第一次年度股价出现了下降。

　　瑞典火柴说，如果瑞典改变对公司内部贷款的征税规则的话，该公司的税率可能从今年的18%提高到明年的25%。该公司此前预期2008年的税率为20%。

　　7月18日，在一个投资者和分析家的会议上，首席执行官Lars Dahlgren说，管理者并不期望2009年瑞典鼻烟的税收将会再次增加。他说，今年的提税出乎公司预期。在瑞典，鼻烟价格接近于卷烟的价格，他说。

　　鼻烟是一种湿润鼻烟，放置在上嘴唇和牙龈之间，而不是用鼻吸的。瑞典火柴在美国销售红人嚼烟这种湿鼻烟，用来刺激销售并且同试销万宝路卷烟品牌的鼻烟产品的奥驰亚进行竞争。首席执行官说，红人鼻烟今年将收支相抵。

　　美国的市场份额

　　在斯堪的纳维亚鼻烟需求的帮助下，瑞典火柴仍维持其对今年销售额提高并且“强调”经营利润的预期。

　　“我们期望在今年的其余时间内，斯堪的纳维亚和美国的鼻烟业务将继续取得强劲的经营业绩。我们期望进一步获得市场份额和销量的增长，”该公司说。它还说，美国雪茄单位第二季度业绩的提高将持续整个2008年。美国优质雪茄市场显得有些“疲软”，Dahlgren说。

　　这家瑞典公司和在美国生产最畅销的薄荷卷烟的罗瑞拉德公司，有一个合资公司，在今年年初开始在俄亥俄州销售胜利品牌的鼻烟，来检测市场需求。瑞典火柴说，在俄亥俄州，许多烟店内都能买到胜利品牌。

　　瑞典和挪威是唯一允许销售鼻烟的西欧国家。Borkum Riff斗烟和板球品牌打火机的制造商瑞典火柴占到了国内鼻烟市场销量的90%。

　　首席财务官Joakim Tilly在电话会议中说，目前的提税使第二季度的销售额减少1.75亿瑞典克朗，经营利润减少4700万瑞典克朗。他说，汇率也将会影响到第三季度的经营业绩。

Swedish Match Profit Beats Estimates on Snuff Demand

By Thomas Mulier

　　July 18 (Bloomberg) -- Swedish Match AB, Europe's largest maker of smokeless tobacco products, reported second-quarter profit that beat analysts' estimates on stronger sales of snuff in the U.S. and Sweden.

　　Net income climbed 16 percent to 512 million kronor ($86 million) from 441 million kronor a year earlier, the Stockholm- based company said today. The average of eight analysts' estimates compiled by Bloomberg was 471 million kronor.

　　Snuff is Swedish Match's main earnings generator and most profitable product. Margins strengthened in Scandinavia, where the product is called snus, after first-quarter growth was held back by a second Swedish tax increase in two years. Competition is increasing in the country and the U.S. as British American Tobacco Plc and Altria Group Inc. jockey for market share.

　　"Numbers were strong and beat consensus across every division, notably snuff," David Hayes, an analyst at Lehman Brothers in London with an "overweight" rating on Swedish Match, wrote in a note to investors.

　　Second-quarter sales increased 6.3 percent to 3.28 billion kronor. Revenue from snuff, sold under brands from Sweden's General to Timber Wolf in the U.S., gained 20 percent to 953 million kronor. Sales of cigars, made under trademarks including Macanudo and White Owl and the second-biggest contributor to revenue, advanced 7 percent to 908 million kronor.

　　Shares Climb

　　Swedish Match rose 6 kronor, or 5.5 percent, to 116 kronor in Stockholm trading, the most in a year. The stock has dropped 25 percent this year, heading for its first annual retreat after 11 consecutive years of gains.

　　The company's tax rate may rise to about 25 percent next year from 18 percent this year if Sweden changes rules for taxing intra-company loans, Swedish Match said. The company previously forecast a tax rate of 20 percent for 2008.

　　Managers don't anticipate another increase in Swedish snus taxes in 2009, Chief Executive Officer Lars Dahlgren said today on a conference call with investors and analysts. This year's increase was unexpected by the company, he said. Snus prices are approaching those of cigarettes in Sweden, he said.

　　Snus is a moist form of snuff that is placed between the upper lip and gum, rather than sniffed. Swedish Match is selling moist snuff under its Red Man chewing-tobacco brand in the U.S. to spur sales and compete with Altria, which is testing sales of snuff under its Marlboro cigarette trademark. Red Man snuff should break even this year, the CEO said.

　　U.S. Market Share

　　Swedish Match maintained its forecast for improved sales and "underlying" operating profit this year, helped by Scandinavian snuff demand.

　　"We expect the Scandinavian snus business to continue to deliver strong results for the remainder of the year, and in the U.S. we expect further market-share gains and volume growth," the company said, adding that a second-quarter improvement at its U.S. cigar unit will continue through 2008. The U.S. premium- cigar market has shown some "softness," Dahlgren said.

　　The Swedish company and Lorillard Inc., maker of the top- selling menthol cigarette in the U.S., have a joint venture that began selling snus under the Triumph brand in Ohio earlier this year to test demand. Triumph is available in most tobacco shops in that state, Swedish Match said.

　　Sweden and Norway are the only western European countries that permit the sale of snus. Swedish Match, the maker of Borkum Riff pipe tobacco and Cricket lighters, accounts for about 90 percent of snuff sales in its domestic market.

　　Currency movements cut 175 million kronor from second- quarter sales and 47 million kronor from operating profit, Chief Financial Officer Joakim Tilly said on the conference call. Exchange rates also will affect third-quarter results, he said.