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Japan Tobacco to close three plants 

Japan Tobacco Inc. said yesterday it would close three domestic cigarette factories due to a declining smoking rate as it announced net profit nearly halved in the last financial year.

Net profit in the year to March fell 48.3 percent to 123.4 billion yen (1.3 billion dollars) from 238.7 billion yen, with operating profit falling 15.5 percent to 363.81 billion yen, the former government monopoly said.

Sales hit a record of 6.83 trillion yen, up 6.6 percent from the previous year, thanks to higher tobacco sales volume overseas and contribution from Britain's Gallaher, which JT bought in 2007 for 19 billion dollars.

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