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Japan's SoftBank Group posts 3rd straight year of net loss

TOKYO
2024-05-14 10:06

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TOKYO, May 14 (Xinhua) -- Japan's SoftBank Group booked 227.6 billion yen (about 1.46 billion U.S. dollars) in net losses in fiscal 2023, marking its third consecutive year of losses due to investment losses, the company said on Monday.

The Japanese conglomerate posted net losses of 970.1 billion yen in the previous year and 1.7 trillion yen the year before.

For the year ended March, SoftBank lost 559.4 billion yen on investments, improving from the previous year's loss of 835.1 billion yen.

Some of the tech firms it invested in, such as Bytedance Ltd., the operator of short-video app TikTok, and South Korean e-commerce giant Coupang Inc., increased in value, but that was not enough to make up for overall investment losses, according to the company.
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