KDDI, Sumitomo Corp. announce loss in Myanmar telecom business

TOKYO — Japanese telecommunication operator KDDI announced on Wednesday that its subsidiary in Myanmar recorded 105 billion yen ($690 million) as a provision for doubtful receivables regarding its lease receivables against Myanma Posts and Telecommunications (MPT), a business unit of the Myanmar government.

KDDI revised its forecast of net profit downward for the fiscal year ended in March by 45 billion yen, to 635 billion yen. The company’s profit is expected to drop 6% from a year ago, while it previously forecast a slight increase.