TOKYO: SoftBank Group Corp. on Wednesday reported a consolidated net loss of 174.2 billion yen for April-June, its third consecutive April-June loss, though shrinking from the year-before loss of 477.6 billion yen.

The smaller loss reflected an improvement in its mainstay investment business on a rise in the value of companies in its investment portfolio, including South Korean e-commerce firm Coupang Inc.

The investment business posted a profit of 559.7 billion yen, against a loss of 699 billion yen a year earlier. The Japanese company invests in emerging companies around the world, mainly through its SoftBank Vision Fund.

Meanwhile, SoftBank Group, which has large dollar-denominated liabilities, logged a foreign exchange loss of 443.9 billion yen as the yen weakened against the dollar.

The company suffered a 3-trillion-yen net loss in April-June 2022 and remained in the red in the same quarter of 2023. However, it returned to profitability in October-December 2023 and also posted a net profit for January-March this year.

JIJI Press