SoftBank Group logs surprise loss but Vision Fund unit returns to profit

Japan's SoftBank Group reported a surprise loss but saw its Vision Fund unit return to the black for the first time in six quarters, helped by an increased valuation for Arm, the chip designer slated for an initial public offering later this year.

The Vision Fund unit booked an investment gain of about 160 billion yen ($1.1 billion) for the April-June. Without the fillip from Arm, the picture was less rosy with the company's Vision Funds reporting a combined loss of 13 billion yen.

Overall, SoftBank reported a third consecutive quarterly loss, hit by declines in valuations for major investments such Alibaba Group, Deutsche Telekom, and T-Mobile US.
 

 

Its net loss came to 477.6 billion yen ($3.3 billion), smaller than its loss of 3.16 trillion yen for the same period a year earlier but a stark contrast to market expectations for a 75 billion yen net profit.

($1 = 142.9500 yen)

(Reporting by Anton Bridge and Sam Nussey; Editing by Miyoung Kim and Edwina Gibbs)