TOKYO, Aug. 8 (Xinhua) -- Japan's SoftBank Group Corp. on Monday reported a net loss in the April-June quarter, the largest quarterly net loss booked by a Japanese firm, owing to heavy losses made on stocks invested in by its technology-focused Vision Funds.
The Tokyo-based multinational conglomerate said it booked a net loss of 3.16 trillion yen (23.36 billion U.S. dollars) in the reporting period.
This compares to a solid net profit of 761.51 billion yen reported in the same period last year by the technology investor.
The investment behemoth said its net loss in the quarter was largely due to its Vision Funds accumulating losses of 2.9 trillion yen amid recessionary concerns.
The group, also known for its investments in financial and energy sectors, while opting not to release its full-year outlook, said in the first quarter of the business year through March 2023, its revenue increased 6.3 percent to 1.57 trillion yen.
In the previous business year ending in March, the technology investor reported the second largest net loss by a Japanese firm at 1.71 trillion yen. (1 U.S. dollar equals 134.94 yen) ■
