Softbank Logs 1st April-Dec. Operating Loss in 15 Years
Tokyo, Feb. 12 (Jiji Press)--Softbank Group Corp. <9984> said Wednesday that it has suffered its first April-December operating loss in 15 years, due chiefly to losses on investments by an affiliated investment fund.
The Japanese investment and technology company logged a consolidated operating loss of 12,964 million yen in the nine-month period ended Dec. 31, against a year-before profit of 1,859,007 million yen.
Its net profit fell 69.0 pct from a year before to 476,587 million yen, on sales of 7,089,804 million yen, down 1.1 pct.
The losses from investments through its Softbank Vision Fund reflected sharp drops in the appraisal values of stocks of The We Company, the operator of the WeWork office-sharing business, and U.S. ride-hailing firm Uber Technologies Inc.
Still, the size of the operating loss narrowed from 15.5 billion yen posted in April-September, thanks to a recovery in stock prices.
[Copyright The Jiji Press, Ltd.]