BUSINESS Japan's SoftBank Group expects huge net loss in FY 2019

BUSINESS

Japan's SoftBank Group expects huge net loss in FY 2019

Xinhua

11:08, April 14, 2020

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File photo: CGTN

TOKYO, April 13 (Xinhua) -- Japan's telecom giant SoftBank Group said on Monday that it expects to post a net loss of 750 billion yen (6.94 billion U.S. dollars) for fiscal 2019 which ended in March due to declines in the value of its investments.

While it had not provided an earnings forecast for the fiscal year, SoftBank said it will incur a loss of around 1.8 trillion yen (16.6 billion U.S. dollars) in its investment vehicle Vision Fund due to declines in stock markets amid the COVID-19 outbreak.

Meanwhile, it expects to incur an operating loss of 1.35 trillion yen (12.5 billion U.S. dollars), compared to a record operating profit of 2.35 trillion yen (21.8 billion U.S. dollars) it logged the previous year.

SoftBank has been investing aggressively into tech startups through its nearly 100 billion U.S. dollars Vision Fund. These startups include U.S. ride-sharing giant Uber Technologies Inc., We Co., operator of U.S. workspace provider WeWork, and Indian hotel operator Oyo Hotels & Homes.

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