Results for January 1 – June 30, 2015 on a Like-for-Like basis
Revenue remained almost flat from the same period previous year, as the strong price/mix was offset by unfavorable local currency movements in the international tobacco business.
Adjusted operating profit at constant FX increased 14.1%, mainly driven by robust price/mix in the international tobacco business and the effects of the measures to strengthen the competitiveness of the Japanese domestic tobacco business. On a reported basis, adjusted operating profit growth was 1.9% due to the unfavorable local currency movements.
Profit attributable to owners of the parent grew 4.7% due to lower income taxes. This was in spite of lower operating profit affected by losses on real estate asset disposals, and expenses relating to the withdrawal from the manufacture and sale of JT beverage products.
International Tobacco Business delivered a strong performance at constant FX with adjusted operating profit growing 14.6% in US Dollars, driven by a robust price/mix and positive GFB momentum. On a reported basis, adjusted operating profit declined 17.5% due to local currency fluctuations against the US Dollar. In Japanese Yen, adjusted operating profit declined 3.2%, partially offset by the appreciation of the US Dollar.