JT Reports ‘Solid’ First-Quarter Results

Japan Tobacco (JT) reported revenue of ¥665.3 billion ($4.86 billion) in the first quarter of 2023, up 14.4 percent over the comparable 2022 quarter.

Core revenue at constant currency exchange rates increased by 6.2 percent to ¥594.6 billion. Adjusted operating profit at constant exchange rates increased by 5.1 percent to ¥204.7 billion. On a reported basis, adjusted operating profit increased by 14.6 percent to ¥223.4 billion. Operating profit increased by 15.7 percent to ¥206.4 billion. Profit increased by 16.6 percent to ¥144.7 billion.

“JT Group delivered solid results in the first quarter, building on the positive momentum across its businesses,” said Masamichi Terabatake, president and CEO of JT. “Robust pricing in the tobacco business continued to drive the strong performance of the group.

“In line with our plan to increase our presence in HTS (heated-tobacco sticks) and establish the foundations for JT Group’s future earnings growth, we successfully launched Ploom X in Italy and Lithuania in April after an encouraging rollout in the U.K. We are making good progress for additional international launches, with a rollout in Portugal planned for mid-May.

“Guided by the group’s management principle, which is to pursue the 4S model, and considering the recently announced JT Group Purpose, we will continue to take all necessary decisions to address operational uncertainties, such as regulatory changes, economic instabilities and volatile foreign exchange rates.”