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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

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To: foundation who wrote (32024)	2/4/2003 8:50:21 PM
From: foundation	Read Replies (1) of 197175

Japan's KDDI lifts profit forecast for year to March Feb 04 2003 TOKYO, Feb 4 (AFP) - Japan's second largest telecoms firm KDDI Corp. on Tuesday raised its earnings forecasts for the year to March due to strong growth in subscribers for its third-generation (3G) mobile phone services. KDDI also reported a net profit of 30.9 billion yen for the three months to December and a recurring profit of 51.9 billion yen on sales of 695 billion yen. No comparisons were available because the company has not previously released third quarter results. The firm is forecasting a net profit of 54 billion yen (450 million dollars) for the year to March, up from the earlier expected 49 billion yen and a more than a fourfold jump from 13.0 billion yen posted in the previous year. It forecast a recurring profit of 100 billion yen, higher than the earlier expected 90 billion yen, and sales of 2.76 trillion yen. Massive restructuring charges eroded profits for the previous financial year. The driving force for profit growth in the current year is growing demand for KDDI's third generation (3G) mobile services, which from April last year offered high-speed Internet access and email functions. The company had 4.67 million 3G customers at the end of December. This was up from 2.65 million at the end of September and far exceeds the 150,000 signed up for the rival 3G service launched earlier by mobile industry leader NTT DoCoMo. KDDI president Tadashi Onodera said the market share for KDDI's mobile business was 29.4 percent of new subscribers from April to December, above the company's target of 25 percent. "Our products have a high reputation with consumers as the company added movie, navigation and ringtone functions," he told a news conference. Onodera added the company plans to introduce a 3G service with an even faster data transmission speed in the second half of 2002 which would give the company "the upper hand against rivals." He said he believed the company had laid the groundwork to achieve its goal of reducing debt to one trillion yen by the year to March 2005. "Thanks to cuts in capital investment and sales of property, we revised down the expected balance of interest-bearing debt to 1.508 trillion yen (by the end of March) from the earlier projected 1.56 trillion," he said. bur/mis/ja/bro Japan-telecom-KDDI thefeature.com

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