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Jump to full article: Financial Times (uk), 2009-10-30
Author: Michiyo Nakamoto in Tokyo
Intro: Meanwhile, Japan Tobacco, which on Thursday reported a 5 per cent drop in net profits in the first half, also expects overseas markets to be its growth engine.
The group said that in addition to a downturn in domestic demand, the yen’s strength was a major factor behind its disappointing performance.
JT, which acquired Gallaher in 2007, said that if the impact of currency fluctuations was discounted, overseas sales were forecast to grow 13 per cent this year.
Furthermore, JT raised its sales and operating forecast for the full year, due to the impact of currency shifts.
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