Tokyo: Japanese investment giant SoftBank Group said Thursday it logged a net loss worth $6.2 billion in the three months to September, as its bets on start-ups continue to struggle.
The company's Vision Funds meanwhile saw a quarterly pre-tax loss worth 258.9 billion yen ($1.71 billion), after seeing a profit of 61 billion yen in the April-June quarter.
SoftBank also had to account in anticipation for the bankruptcy of WeWork, an office-space start-up that had left expensive lessons for SoftBank founder Masayoshi Son who invested heavily in the firm.
Overall, SoftBank Group said its quarterly loss came to 931 billion yen ($6.2 billion), compared with a 3.0 trillion yen profit seen a year ago, when the company benefited from sales of shares in Chinese e-commerce giant Alibaba.
Its quarterly sales were 1.67 trillion yen, compared with 1.6 trillion yen of the same period last year.
The company raised $4.6 billion when it listed British chip designer ARM on Nasdaq in September.
But ARM remains a SoftBank subsidiary and the transaction did not impact the immediate loss or profit figures, although it reinforced the overall financial position of the group, the company said.
SoftBank Group did not issue annual forecasts.__AFP
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