Japan Tobacco (JT) reported revenue of ¥2.18 trillion ($19.8 billion) in 2019, down from ¥2.22 trillion in the previous year. Its adjusted operating profit was ¥515.9 billion, compared with ¥595.5 billion in 2018. The company’s adjusted operating profit at constant currency exchange rates for the year was ¥600.8 billion, up 0.9 percent over the previous year.
For the fourth quarter of 2019, JT reported revenue of ¥541.9 billion, compared with ¥540 billion in the comparable 2018 period. Adjusted operating profit was ¥64.4 billion, down from ¥84.5 billion the 2018 quarter. Adjusted operating profit at constant currency exchange rates was ¥74.5 billion, down 11.8 percent over the prior year quarter.
“Our consolidated adjusted operating profit at constant FX grew year-on-year, driven by growth in the tobacco business which exceeded the decline in the pharmaceutical business,” said Masamichi Terabatake, president and chief executive officer of the JT Group. “We also secured our free cash flow delivery despite a profit decline due to unfavorable currency movements.”
“To pursue sustainable profit growth, the JT Group’s Business Plan 2020 incorporates the lessons learned through our business operations. The tobacco business remains the core and the key driver of our profit growth,” said Masamichi.