Nippon Telegraph and Telephone Corporation (NTT) is likely to post the biggest net loss in Japanese history. The groups’ loss for the year-end 2001 is expected to be around $15 billion, due to massive write-downs on overseas investments and restructuring costs.
NTT DoCoMo, will contribute $7.5 billion of this as a result of appraisal write-downs for its overseas investments, which have plummeted from their valuations in the global telecoms boom.
NTT has committed $8.99 billion to transform its workforce by redeploying 100,000 people into lower-paid jobs at its subsidiaries. NTT and its mobile operator, NTT DoCoMo, are expected to offer guidance on their performance with a month. The company will announce its results for 2001 in mid-May.