TOKYO, May 7 (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)