Telecom giant Nippon Telegraph and Telephone Corp. reported Monday that its consolidated sales fell 1.7 percent to 5.37 trillion yen in the fiscal first half to Sept. 30, marking the first-ever decline in revenue since the firm's privatization in 1985.
NTT said increased sales in the growing Internet-related market were not enough to offset declining sales in its traditional fixed-line business.
But the firm said profits were up in the April-September period due to a drastic cost-cutting program implemented earlier in the business year.
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