TOKYO: SoftBank Group Corp. on Thursday logged a consolidated net loss of 970.1 billion yen for the year that ended in March, marking the second year in a row of red ink.

The result compared with a net loss of 1,708 billion yen in the previous fiscal year.

The company recorded a massive loss for its mainstay SoftBank Vision Fund business, which invests in emerging firms, due to falling stock prices caused by growing concerns over the global economic outlook.

The investment losses for the SVF totaled 5,322.3 billion yen, due to large valuation losses on poor earnings and plunging stock prices of its investments. The losses were too large to be made up for by gains of over 4 trillion yen mainly from the sale of some shareholdings in Chinese e-commerce giant Alibaba Group Holdings Ltd.

JIJI Press