Results for FY2014 First Quarter
Revenue grew 1.6% driven by robust price/mix in the International Tobacco Business and depreciation of the Japanese Yen against the US Dollar, despite the temporary slowdown in the Japanese Domestic Tobacco Business following the April consumption tax (VAT) hike.
Adjusted operating profit at constant FX declined 2.8% as the price/mix in the International Tobacco Business could not completely offset the temporary slowdown in the Japanese Domestic Tobacco Business. Operating profit on a reported basis grew 1.2% due to higher gains from real estate asset disposals.
Profit attributable to owners of the parent increased 8.2% as a result of higher operating profit and a lower effective corporate tax rate.
International Tobacco Business: steadily delivered revenue and double-digit earnings growth driven by robust price/mix. Core revenue and adjusted operating profit at constant FX in US Dollars grew 5.1% and 14.4% respectively. In Japanese Yen, the growth was 12.5% and 16.4% respectively due to the depreciation of the currency against the US Dollar.