Japan Tobacco Inc. (JT) has released its second quarter results for 2023, with a 6.2 per cent increase in revenue to JPY 727.5 billion (USD 5.15 billion) compared to the previous year, according to a company press release.

According to the press release, revenue increased by 6.2 per cent to JPY 727.5 billion (USD 5.15 billion) driven by increases across all businesses. At constant FX, core revenue increased by 7.3 per cent to JPY 707.8 billion (USD 5.01 billion). At constant FX, adjusted operating profit increased by 4.4 per cent to JPY 229.6 billion (USD 1.63 billion), driven by increases across all businesses. On a reported basis, adjusted operating profit decreased by 0.2 per cent to JPY 219.5 billion (USD 1.56 billion), due to negative currency movements, mainly from the appreciation of the Japanese yen against several local currencies.
Operating profit increased by 1.2 per cent to JPY 207.2 billion (USD 1.47 billion), driven by lower trademark amortization in the tobacco business, partially offset by a decrease in adjusted operating profit.
Profit increased by 1.7 per cent to JPY 142.3 billion (USD 1.01 billion), mainly driven by an increase in operating profit.
Masamichi Terabatake, President and CEO of the JT Group said: “The JT Group posted another strong set of results for the first half. In particular, the tobacco business reported solid growth across its indicators, driven by a more resilient industry volume and continued market share gains, as well as robust pricing. Considering the accelerated investment towards heated tobacco sticks (HTS) in the second half of 2023, we have kept the full year forecast for adjusted operating profit at constant FX unchanged. On a reported basis, recognizing the current positive foreign exchange trend, we have revised upward our forecast, including the adjusted operating profit. Dividend per share guidance for full year remains unchanged taking into account our dividend policy at 188 yen per share. The interim dividend is 94 yen per share. As announced in February, we are accelerating investment towards HTS to establish the foundation of our future growth. Ploom X is now available in 6 markets, following the launch in the Czech Republic in June, and will be launched in Switzerland in September. Geographical expansion is on track with the expectation to complete launches in 14 markets by the end of 2023 and 28 markets by the end of 2024.”