Shareholders of Philip Morris CR AS (TABAK), the Czech unit of the world’s largest publicly traded tobacco company, approved a dividend of 920 koruna a share ($49), the company said.

The company’s market share was hurt by lower demand for local brands in 2011, the Kutna Hora-based cigarette maker said in an e-mailed statement today.

Sales of cheaper brands remained “encouraging,” the company said.

To contact the reporter on this story: Lenka Ponikelska in Prague at lponikelska1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net