SoftBank Group to Book 900 B. Yen in Net Loss for FY 2019
Tokyo, April 30 (Jiji Press)--SoftBank Group Corp. <9984> said Thursday that its consolidated net loss for the fiscal year that ended in March is expected to widen to 900 billion yen.
The downward revision from the company's initial estimation of 750 billion yen in net loss reflected larger-than-expected losses related to investments made in The We Company of the United States, the operator of the WeWork office-sharing business.
The Japanese telecommunications and technology investment group expects to fall deep into the red only a year after reporting as much as 1,411.1 billion yen in net profit for fiscal 2018, which ended in March 2019.
It will be the first red ink for SoftBank Group since the fiscal year to March 2005 and the largest net loss since its establishment in 1981.
SoftBank Group had estimated that it will book a nonoperating loss of 800 billion yen from investments in startup companies and other operations. It now expects the loss to swell up to over one trillion yen, 700 billion of which is related to The We Company.
[Copyright The Jiji Press, Ltd.]