• May 19, 2024

JT Ups Guidance After Strong Quarter

 JT Ups Guidance After Strong Quarter

Masamichi Terabatake

Masamichi Terabatake (Photo: JT)

Japan Tobacco reported revenue of ¥1.14 trillion ($10.45 billion) in the first six months of 2021, up 11.1 percent from the comparable 2020 period. Adjusted operating profit at constant currency increased 26.9 percent to ¥365.1 billion. On a reported basis, adjusted operating profit increased 24.5 percent to ¥358.2 billion. Operating profit was ¥322.1 billion, up 27.8 percent from the comparable six months in 2020.

JT revised its revenue and adjusted operating forecasts upward by ¥120 billion and ¥10 billion, respectively.

“JT Group delivered a robust performance in the first half, driven by strong business momentum. This was a result of continued market share gains in combustibles in many markets and continued tailwinds of strong industry volume trends due to travel restrictions in some mature markets,” said Masamichi Terabatake, president and CEO of the JT Group, in a statement.

“Considering this robust performance, we have revised our full year guidance upward.

“We have launched Ploom X, our next-generation device for heated-tobacco sticks in Japan, the world’s largest heated-tobacco market. Listening carefully to our consumers around the world, we have developed our first global model, offering a richer and enhanced taste, improved design and a more intuitive user experience. Ploom X will gradually be rolled out across other markets.

“We are also making steady progress on several initiatives announced in February this year, including the rollout of our new operating model for the combined one tobacco business as well as measures to strengthen competitiveness in the Japan market. These initiatives will act as a catalyst for future growth while we continue to offer products and services which exceed our consumers’ expectations.”