NTT counts the cost of lost billions

Japanese telco NTT lost over $2.1bn in the first half of this year after the value of recent acquisitions plummeted.

In addition to the group loss, the company took a special charge of $6.1bn after downgrading its purchase of US internet company Verio and its 15 per cent stake in KPN Mobile.

In the first half of last year the company posted a profit of $1.4bn.

NTT said it now expects a group loss of $2.6bn, and revenue of $95bn when it reports full year results in March.

Up to 100,000 workers at the company are to be moved to lower paying jobs in the next six months in a bid to cut costs, while top executives will take a 20 per cent pay cut for the rest of the year.