TOKYO : Japanese trading house Sumitomo Corp said on Wednesday it will book a provision of 35 billion yen ($230 million) in its results for the year just ended to account for impaired loans at its telecoms joint venture in Myanmar.
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 PhotoTOKYO : Japanese trading house Sumitomo Corp said on Wednesday it will book a provision of 35 billion yen in its results for the year just ended to account for impaired loans at its telecoms joint venture in Myanmar.
As a result KDDI Summit Global will record a 105 billion yen provision in the financial year ended March 31, due to delays in the collection of receivables, Sumitomo said in a statement. Sumitomo's share of the Myanmar unit's impaired loans is 52.5 billion yen, but the impact on its earnings will be 35 billion yen, as the trading company will reverse an impairment loss of 17.5 billion yen it had booked in the year that ended March 31, 2023, it said.
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