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Japan Tobacco net profit rises 31.9% in FY 2011

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Japan Tobacco Inc. said Thursday it booked a group net profit of 320.88 billion yen for fiscal 2011, up 31.9 percent from the previous year, due to rises in tobacco product prices at home and abroad and proceeds from property sales.
Sales in the year to March 31 dropped 1.2 percent to 2.03 trillion yen due largely to a drop in cigarette shipments following the March 11, 2011 disaster, slowed sales caused by the tobacco tax hike in October 2010, and the appreciation of the yen.

Operating profit increased 14.4 percent to 459.18 billion yen, JT said.
The results are based on the International Financial Reporting Standards the company began to use for the results of the just-ended business year, changing the way some items are booked.

JT will pay a dividend of 10,000 yen per share for financial 2011, including a year-end dividend of 6,000 yen, up from the financial 2010 full-year dividend of 6,800 yen.
For the current year to next March 31, JT forecast a group net profit of 318 billion yen, down 0.9 percent from the year just ended, and an operating profit of 483 billion yen, up 5.2 percent, on a 4.2 percent rise in sales to 2.12 trillion yen.

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