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Jump to full article: The Wall Street Journal Interactive Edition, 2010-02-09
Author: Hiroyuki Kachi, Dow Jones Newswires
Intro: Japan Tobacco Inc. (2914.TO) said Tuesday its net profit for the fiscal third quarter declined 34% on year, blaming foreign exchange factors and a slump in domestic demand.
The world's third-largest tobacco company by sales volume after Philip Morris International Inc. and British American Tobacco PLC, had a net profit Y40.86 billion in the October-December quarter, compared with a Y61.97 billion profit in the same period a year earlier.
The company, commonly known as JT, suffered a 14% decline in revenue to Y1.598 trillion from Y1.849 trillion, while operating profit amounted to Y88.82 billion, down 29%.
JT cited foreign exchange factors as dragging down tobacco sales overseas.
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