Japan’s Nippon Telegraph and Telephone Corp (NTT Corp) has published its financial results for its fiscal fourth quarter ended 31 March 2010, swinging back into the black on a marked improvement from its mobile arm NTT DoCoMo. The state-backed behemoth booked net income of JPY73.3 billion (USD788.5 million) in the period under review, reversing a loss of JPY5.4 billion in the year-ago period. The group’s better-than-expected performance came on the back of DoCoMo which last month reported that net profit for the January-March quarter more than doubled to JPY75.4 billion, compared to a year ago. At the time the cellco said its bottom line was aided by the removal of amortisation costs related to its phased-out 2G network services.
NTT’s consolidated revenue for the fourth quarter fell marginally by 1% year-on-year to JPY2.67 trillion from JPY2.68 trillion previously, while operating profit leapt 78% y-o-y to JPY169.6 billion. For the current financial year to 31 March 2011, NTT is forecasting a 0.2% fall in revenues to around JPY10.16 trillion, a 4.2% rise in operating profit to JPY1.17 trillion and net income of around JPY500 billion, up 1.6% y-o-y. NTT will cancel about 16% of its own shares over the next two fiscal years, as part of efforts to return profits to shareholders, it said. The shares in question are valued at around JPY935 billion.