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Japan Telecom ups earnings projection for yr to March 2002.

TOKYO, July 2 Kyodo

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.
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Publication:NTT Topics
Date:Jul 9, 2001
Words:148
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