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JT halves price

11 Nov 2019. Japan Tobacco (JT) is halving the price of starter kits for its Ploom S reduced-risk cigarettes, as it struggles to compete against Philip Morris International, Reuters reported.

From 1 Dec, the recommended retail price of the starter kit will be lowered from JPY 7,980 (USD 73.30) to JPY 3,480 (USD 32), the report said.

In October, JT said that fewer people than expected switched to Ploom S, amid strong competition from Philip Morris’ IQOS, lowering its annual profit outlook. The company said it now expects full-year operating profit of JPY 505 billion (USD 4.63 billion), down from an earlier forecast of JPY 518 billion (USD 4.76). For the third quarter, operating profit fell 26 per cent year-on-year to JPY 129 billion (USD 1.1 billion). According to the report, Japan is the world’s biggest market for heat not burn products.