Philip Morris International Inc on Friday said its Canadian unit, Rothmans, Benson & Hedges Inc (RBH), was granted creditor protection, following a tobacco class action ruling in Quebec earlier this month.
The company said it would deconsolidate RBH from its financial statements, and it cut its full-year 2019 diluted earnings per share forecast to at least $4.90 at prevailing exchange rates, from at least $5.28 in the forecast it made on March 4, shortly after the ruling in Quebec.
The Court of Appeal of Quebec upheld the bulk of a 2015 decision that awarded around C$15 billion to smokers in the Canadian province, a blow to several big tobacco companies, including RBH.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.