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KDDI triples profits on 3G growth
TOKYO, Japan (CNN) -- Japan's No. 2 cell-phone company, KDDI Corp., said Friday that net profit more than tripled for the first half of the year. KDDI posted net earnings of 20.45 billion yen ($169 million ) for the six months through September, a 206 percent leap over the same time the year before. That was in line with analyst estimates. But sales fell 4.8 percent to 1.39 trillion yen ($11.5 billion). KDDI repeated its forecast of a full-year net profit of 49.0 billion yen but cut its sales projection 3 percent, to 2.77 trillion yen. It took a special charge of 128 billion yen last year to write down the value of its personal digital cellular network. Stronger 3G signupThe company credited the strong profit performance to cost cutting and to strong acceptance of its high-end "third-generation" cell phone service. KDDI's 3G signup has outstripped larger rival NTT DoCoMo, which has struggled to promote the more-expensive service. KDDI's service uses CDMA technology licensed from U.S.-based Qualcomm Inc. KDDI stock fell 3.88 percent to 347,000 yen ahead of the results, which came after the close. DoCoMo drops almost 6 percentThat drop was spurred by a large decline in NTT DoCoMo, down 5.81 percent to 227,000 yen, knocking the Nikkei average 2.57 percent lower to finish at 8,690.77. DoCoMo on Thursday posted a 95 percent plummet in profits for the first half of the year after the close of trade on Thursday. (Full story) Specialty ceramics maker Kyocera Corp. owns 14 percent of KDDI, with Toyota Motor Corp. holding another 12 percent of the company.
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