NTT to Trim 2004 Capital Spending by 400 Bln Yen, Nikkei Says
By Ian Messer
quote.bloomberg.com
Tokyo, April 18 (Bloomberg) -- Nippon Telegraph & Telephone Corp., the world's biggest telephone company, plans to cut spending by 400 billion yen ($3.1 billion) during its fiscal year starting April 1, 2004, Nikkei English News said, without citing anyone.
NTT probably spent about 2.55 trillion yen on capital investments in its fiscal year ended March 31, 2002, company spokesman Yasumasa Hatakenaka said. He declined to comment on the reported spending cuts ahead of the release of NTT's three-year business plan. That plan is scheduled for release tomorrow, the Nikkei said.
Under the plan, NTT projects sales of 12.6 trillion yen in the fiscal year ending March 31, 2005, up 7 percent from projected sales for its fiscal year just ended. NTT also projects a 70 percent rise in operating profit, the report said.
The company probably suffered a group loss of 865 billion yen for the fiscal year ended March 31, because of a decline in the value of its overseas investments and the cost of reorganizing its domestic operations.
NTT shares rose as much as 9000 yen, or 1.8 percent, to 500,000 yen in early trading. |
