Suffering from huge appraisal losses incurred through failed overseas investments, Nippon Telegraph and Telephone Corp. reported special losses Thursday totaling 2.1 trillion yen for the 2001 business year on a consolidated basis.

As a result, the giant telecom group is projected to post net losses of 865 billion yen, a record for any Japanese company and beating even Nissan Motor Co's fiscal 1999 684.3 billion yen loss into the No. 2 position.

NTT earlier projected net losses of 331 billion yen for the year ending in March.