SoftBank Group has posted a net loss for the April-to-June period for the third year in a row. A weak yen weighed on its holdings while its key fund posted big losses.
SoftBank says the net loss came to 174.2 billion yen or about 1.2 billion dollars.
The company’s dollar-based debts grew in yen terms as the Japanese currency depreciated. That saw the firm book a currency-exchange loss of 443.9 billion yen or about 3 billion dollars.
Meanwhile its investment fund business posted a loss of 204.3 billion yen or about 1.4 billion dollars due to an increase in dividends to investors.
SoftBank Group has been stepping up its investments, purchasing firms and establishing joint ventures related to artificial intelligence and semiconductors.
Chairman and CEO Son Masayoshi has indicated that he plans to make AI a key pillar of the company’s business.