Softbank Group to Report 1.35-T.-Yen Operating Loss

Economy

Tokyo, April 13 (Jiji Press)--Softbank Group Corp. <9984> said Monday that it expects to report a consolidated operating loss of 1.35 trillion yen for fiscal 2019, which ended in March, due mainly to a huge loss at its Softbank Vision Fund.

The investment fund is projected to have incurred a loss of some 1.8 trillion yen in the wake of a global stock market tailspin caused by the coronavirus pandemic, the Japanese telecommunications and technology investment group said.

Softbank Group posted a group operating profit of 2,353.9 billion yen in fiscal 2018.

It expects to report a consolidated net loss of 750 billion yen for fiscal 2019, against the previous year's net profit of 1,411.1 billion yen.

The company would thus post annual operating and net losses for the first time in 15 years, with the fiscal 2019 figures seen to be the worst since its establishment in 1981.

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Jiji Press