Another Strong Result From NTT DoCoMo; FVE Retained at JPY 2,600
NTT DoCoMo’s first-quarter fiscal 2016 (quarter ended June 2016) result was broadly in line with our expectations. Operating profit of JPY 295 billion was up 22.6%, slightly ahead of the 16.2% growth required to hit management’s full-year guidance. Operating profit growth would have been 8.9% excluding the impact of the change in depreciation method, which added JPY 25 billion to operating profit, and the income impact from Zutto carryover, which added JPY 18 billion to the result. We make no ch...
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