SoftBank Group Logs 961-B.-Yen Net Loss in FY 2019
Tokyo, May 18 (Jiji Press)--Major Japanese mobile phone operator and technology investor SoftBank Group Corp. <9984> on Monday reported a consolidated net loss of 961,576 million yen for fiscal 2019, which ended in March.
The massive red ink came in stark contrast to its net profit of 1,411,199 million yen in fiscal 2018. The dismal result reflects major investment losses caused by market confusion from the novel coronavirus pandemic.
This was the first annual group net loss at the company in 15 years, and the fiscal 2019 loss was largest since the SoftBank group was established in 1981.
For the January-March quarter alone, when the coronavirus outbreak started to spread around the world, Softbank Group booked a net loss of 1,438.1 billion yen, setting a new record quarterly loss for a Japanese company.
A large portion of the investment loss reflected declines in the prices of shares in target companies, including those of the 10-trillion-yen SoftBank Vision Fund, which is prized by SoftBank Group Chairman and Chief Executive Officer Masayoshi Son.
[Copyright The Jiji Press, Ltd.]