Key facts
- Philip Morris International will record a $500 million impairment charge in Q2.
- The charge reduces the carrying value of its investment in Canadian affiliate Rothmans Benson & Hedges.
- Philip Morris International cut its annual profit forecast due to the writedown.
Philip Morris International announced it will record a significant impairment charge of approximately $500 million in the second quarter. This charge is intended to reduce the carrying value of its investment in its Canadian affiliate, Rothmans Benson & Hedges (RBH). The writedown has led the company to cut its fiscal year profit forecast.