Nippon Telegraph and Telephone Corp (NTT) yesterday reported consolidated net profit of JPY538.7 billion (USD5.6 billion) for its fiscal year ended 31 March 2009, down 15.2% from the previous year, but still relatively strong given the economic recession in the country. The telco reported operating profit of JPY1.11 trillion for FY2008/09, down 14.9% from the previous year, on group turnover of JPY10.42 trillion, down 2.5% y-o-y. NTT said its stronger-than-expected performance was the result of cost-cutting measures and solid results from its mobile division DoCoMo which was responsible for the lion’s share of group profit following a decision to cut fees paid to agents and reduce sales of mobile phones. DoCoMo, posted revenue of JPY4.45 trillion, down 5.6% year-on-year as increased price competition offset the benefits of a rise in subscriber levels. For the current fiscal year, NTT forecasts revenues of JPY10.3 trillion, operating profit of JPY1.11 trillion and net profit of JPY460 billion.