Philip Morris Profits Double in Quarter

Philip Morris Inc. said its fourth-quarter net income more than doubled over a year earlier. The cigarette maker said the large gain resulted from the inclusion of General Foods Corp.’s results. Philip Morris acquired General Foods last fall for $5.6 billion.

Philip Morris said its net income for the three months ended Dec. 31 totaled $283 million, compared to $105 million in the same period a year earlier. The 1984 results included a $146-million after-tax write-down on the value of a Miller brewery in Trenton, Ohio.

Operating revenue rose 61% to $5.3 billion.

For the year, Philip Morris said net income rose 41.3% to $1.3 billion from $889 million. Revenue for the 12 months rose 15.6% to $16 billion from $13.8 billion.