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JAPAN

JTI volume dips on lower European demand

10 May 2017. Japan Tobacco International shipment volume declined 2.9 per cent in the first quarter as gains in the rest of the world failed to offset lower demand in the cigarette makersí European divisions, JTI said.

Global flagship brands did better, declining only 0.5 per cent to 66 billion sticks. Total shipments were down 2.7 billion sticks to 91.7 billion sticks. Country markets with steep declines included Italy, Russia, Spain and the UK.

Currency fluctuations cut into operating profit, which was down 6.1 per cent to USD 810 million (EUR 743 million). Without those fluctuations, operating profit would have increased 1.5 per cent in the January-March period, JTI said. Core revenue including waterpipe tobacco and emerging products dipped 1.6 per cent to USD 2.4 billion.