TOKYO, May 12 (Xinhua) -- Japan's SoftBank Group Corp. announced Thursday it booked a net loss of 1.71 trillion yen (13.25 billion U.S. dollars) in the business year ending in March.
The Tokyo-based international conglomerate said that the decline in its net profit in the recording period was owing to the losses incurred by its global investments.
The conglomerate, known for its investments in overseas tech startups, booked the highest profit a year earlier out of all the companies in Japan at a record 4.99 trillion yen.
The hefty decline in the latest reporting period, however, was as a result of COVID-19-related lackluster performances of global tech firms SoftBank Group had injected capital into.
SoftBank Group, which along with the tech sector, also invests heavily in energy and financial sectors and runs the world's largest technology-focused venture capital Vision Fund, also said it booked an investment loss of 3.43 trillion yen (26.62 billion U.S. dollars) in the year. ■