Japan tech investor SoftBank Group sinks into second year of losses

Japanese technology investor SoftBank Group reported Thursday a loss of 970 billion yen (USD 7 billion) for the fiscal year that just ended the second year in a row of red ink.

Tokyo-based SoftBank Group Corp. racked up a 1.7-trillion-yen (USD 13-billion) loss the previous fiscal year.

The latest results came from massive losses on its investments, called the SoftBank Vision Fund, amid a global plunge in technology shares.

The gains from transactions in Chinese e-commerce giant Alibaba were not enough to offset the investment losses, the company said in a statement.