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    8053   JP3404600003

SUMITOMO CORPORATION

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Sumitomo : forecasts no profit from Myanmar telecom business in 2021/22

05/07/2021 | 01:16am EDT
FILE PHOTO: Logos of Sumitomo Corp are seen after the company's initiation ceremony at its headquarters in Tokyo

TOKYO (Reuters) - Japanese trading house Sumitomo Corp is assuming under its earnings forecast for the year to March 2022 that no profits will be made from its telecommunications business in Myanmar because of political instability, an executive said on Friday.

Japan's KDDI Corp and Sumitomo, in partnership with Myanma Posts and Telecommunications (MPT), are operating a telecommunications business in Myanmar.

"We are continuing our businesses in Myanmar," Sumitomo Chief Financial Officer Masaru Shiomi told a news conference, adding that there is no plan to change their operations there.

Since the military seized power in a Feb. 1 coup and ousted an elected government led by Nobel laureate Aung San Suu Kyi, Myanmar has had daily protests and a surge of violence as security forces have killed hundreds of civilians.

(Reporting by Yuka Obayashi; Editing by Christian Schmollinger)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
KDDI CORPORATION -0.35% 3460 End-of-day quote.12.85%
SUMITOMO CORPORATION 0.33% 1516.5 End-of-day quote.11.06%
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Financials
Sales 2022 5 283 B 47 656 M 47 656 M
Net income 2022 242 B 2 187 M 2 187 M
Net Debt 2022 2 366 B 21 343 M 21 343 M
P/E ratio 2022 7,82x
Yield 2022 4,62%
Capitalization 1 895 B 17 095 M 17 095 M
EV / Sales 2022 0,81x
EV / Sales 2023 0,79x
Nbr of Employees 74 920
Free-Float 95,1%
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Technical analysis trends SUMITOMO CORPORATION
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Mean consensus HOLD
Number of Analysts 12
Last Close Price 1 516,50 JPY
Average target price 1 574,55 JPY
Spread / Average Target 3,83%
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Managers and Directors
NameTitle
Masayuki Hyodo Executive President, CEO & Representative Director
Kuniharu Nakamura Chairman
Hideki Yamano Representative Director & Chief Strategy Officer
Takayuki Seishima Representative Director & Chief Compliance Officer
Nobuyoshi Ehara Independent Outside Director
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