KDDI Q1 Net Profit Down 28.7%

KDDI KDDIY reported a 28.7% drop in its net profit for the first quarter. KDDI's quarterly net profit fell to Y51.29 billion, versus Y71.95 billion, in the year-ago period. Its operating profit declined 32.8% to Y94.21 billion, versus Y140.10 billion. KDDI's revenue fell to Y861.62 billion from Y864.96 billion. For the current fiscal year, KDDI expects a net profit of Y250 billion on revenue of Y3.580 trillion. It expects an operating profit of Y500 billion for the same period. KDDI shares closed at $16.78 yesterday.