Japan Telecom ups earnings projection for yr to March 2002.
Japan Telecom Co. said Monday it has revised upward its projection for parent net profit for the year to March 2002 to 28 billion yen from 6 billion yen.
The third-largest Japanese carrier cited one-off gains of 39.3 billion yen from the sale of part of its shares in J-Phone Group's three regional units to British Telecommunications PLC (BT) as the main factor behind the revision.
The sale follows BT's exercise of its call option on shares in J-Phone East Co., J-Phone West Co. and J-Phone Central Co. under an agreement announced in April, Japan Telecom said.
The agreement calls on Japan Telecom to sell BT stakes of around 5% in the three regional J-Phone companies.
Japan Telecom said it has left unchanged its projections for parent-only revenues and pretax profit for the year at 480 billion yen and 10 billion yen respectively.