Japan Tobacco Net Profit Drops for 2 Years in Row
Tokyo, Feb. 7 (Jiji Press)--Japan Tobacco Inc. <2914> said on Thursday its consolidated net profit fell for the second consecutive year in the business year ended in December, due mainly to higher interest payments.
Net profit dropped 1.7 pct from a year before to 385,677 million yen.
But sales grew 3.6 pct to 2,215,962 million yen, and operating profit inched up 0.7 pct to 564,984 million yen.
Sales volume in Japan went down 11.7 pct to 82 billion cigarettes, an all-time low since the company's 1985 privatization, because of a falling smoking rate and a shift to heat-not-burn tobacco products.
Overseas sales grew 7.3 pct to 427.6 billion cigarettes.
[Copyright The Jiji Press, Ltd.]