TOKYO (dpa-AFX) - Japan Tobacco Inc. (JAPAF.PK, JAPAY.PK) reported Thursday that its third-quarter profit attributable to owners of the parent company was 137.2 billion Japanese yen, down 11.5 percent from last year's 155 billion yen.
Operating profit decreased 6.6 percent from last year to 204 billion yen, and adjusted operating profit edged down 0.9 percent to 219.4 billion yen, due to the decrease in the pharmaceutical business offsetting growth in the tobacco and processed food businesses. At constant FX, adjusted operating profit increased 2.4 percent.
Revenue increased 7.7 percent to 823.4 billion yen from 764.2 billion yen in the prior year, driven by increases across all business segments. At constant FX, core revenue increased by 7.7 percent.
The Japanese tobacco company's total volume in the quarter grew 2.4 percent to 144.7 billion units from 141.3 billion units a year ago.
Combustibles volume grew 2.1 percent to 142.0 billions units, and the growth was 18.1 percent in RRP volume.
Looking ahead to fiscal 2024, the company revised its forecasts, and now expects profit of 467 billion yen, lower than previous estimate of 475 billion yen, resulting in a 3.2 percent decrease year on year.
However, operating profit forecast has been revised upward by 28.0 billion yen to 688 billion yen, a 2.3 percent increase from last year.
Adjusted operating profit also has been lifted, now expecting 746 billion yen, higher than previous outlook of 710 billion yen, resulting in a 2.5 percent increase year on year.
The company also lifted revenue outlook to 3.163 trillion yen from previous estimate of 3.109 trillion yen, representing 11.3 percent increase from the prior year.
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