Japan Tobacco, the world’s best-performing cigarette maker this year, forecast a record profit that beat analyst estimates and raised its projected annual dividend by 35 percent on rising overseas sales and a weaker yen, according to Bloomberg News.
Net income will probably be ¥415 billion ($4.2 billion) for the year ending March 2014, the Tokyo-based company said today in a statement. The outlook is higher than the ¥412 billion average of 18 analyst estimates compiled by Bloomberg.
Japan Tobacco, which aims to make its Mevius the No. 1 global premium brand, is benefiting as a weaker yen boosts the value of overseas revenue, which accounted for about 48 percent of the company’s total in the last fiscal year. Asia’s biggest listed cigarette maker also said it would raise its payout ratio to 50 percent by fiscal 2015, one year earlier than previously planned, to support shareholders.