NTT Reports 56% Decline In FQ3 Net Profit, Lowers Outlook

Nippon Telegraph & Telephone Corp

reported a 56% drop in its net profit for the fiscal third quarter. NTT's quarterly net profit declined to Y62.76 billion, from Y143.10 billion, in the year-ago period. Its operating profit dropped 4.3% to Y323.95 billion from Y338.36 billion. NTT's revenue gained 3.2% to Y2.629 trillion from Y2.544 trillion. For the full fiscal year through March, NTT cut its net profit forecast. It now projects an 8.8% drop in its net profit to Y465 billion, versus its earlier forecast of Y545 billion. The company continues to expect a 2.9% increase in its operating profit to Y1.25 trillion and a 2.3% gain in its revenue to Y10.54 trillion. NTT shares closed at $24.83 on Friday.