Japanese telecoms behemoth Nippon Telegraph & Telephone Corp (NTT) today released its preliminary results for its fiscal second quarter ended 30 September 2011, showing that net income declined 10% year-on-year due to a weak performance from mobile arm NTT DoCoMo and higher operating expenses. The carrier, Japan's largest telecoms group by revenues and subscribers, also announced plans to cancel 8.66% (or roughly 125 million) of its shares effective 15 November, following which it plans to buy back up to 3.48%, or 44 million shares, for as much as JPY220 billion (USD2.82 billion) through to 31 March 2012, as part of efforts to return profits to shareholders
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OVETEL NTT reports fall in second-quarter net income, but raises outlook on smartphone sales
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