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

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

FILE PHOTO: Logos of Sumitomo Corp are seen after the company's initiation ceremony at its headquarters in Tokyo, Japan April 2, 2018. REUTERS/Toru Hanai/File Photo

TOKYO: 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.

Source: Reuters

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