NEW YORK - Cigarette maker Philip Morris International said Wednesday that net income rose 23 per cent in the second quarter, boosted by higher prices and the weaker dollar.

The company, which sells Marlboros outside the U.S., also raised its earnings forecast for this fiscal year.

Philip Morris International said quarterly profit rose to US$1.82 billion, or 86 cents per share, from $1.48 billion, or 70 cents per share last year. Revenue, excluding excise taxes, was up 15 per cent to $6.71 billion from $5.84 billion.

Thomson Financial said analysts had predicted a profit of 83 cents per share on revenue of $6.58 billion.

The company said it now expects earnings this year of $3.32 to $3.38 per share, up from $3.18 to $3.24 per share previously.

It is the second time this year Philip Morris International has raised its profit forecast, and it assumes profit growth of 19 per cent to 21 per cent, JPMorgan analyst Erik Bloomquist told investors. He said the company's strong performance in the first half implies that "potential further upgrades (are) possible."

Analysts expect a profit of $3.25 per share for the year.

Philip Morris International Inc. - which has offices in Lausanne, Switzerland, and New York - was spun off from Altria Group Inc. on March 28. It also sells the L&M, Bond Street, Chesterfield and Lark brands.

All regions reported double-digit revenue and operating profit growth. The unit that includes Eastern Europe, the Middle East and Africa had 18.5 per cent revenue growth, the EU had 15 per cent growth, Latin America grew 13.8 per cent, and Asia grew 11.3 per cent.

Overall operating profit rose 23.7 per cent to $2.8 billion, with $277 million of that coming from a favourable currency comparison. Adjusted for currency and acquisitions, operating profit rose 9.2 per cent.

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