Softbank Group Corp Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Softbank Group Corp

SFTBY 81.06

-8.3%

Nov 4 3:59 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: TobagoJack who wrote (4784)	4/7/2000 2:40:00 AM
From: Edwin S. Fujinaka	Read Replies (1) of 6018

Well, so much for irrational exhuberance (was that the phrase?). The following Headline on Nikke Net probably didn't help, but Softbank only closed down 3000 yen to 70,500 yen or $671. That is still above the close in the US OTC Market at $650. The upside of the following headline is that Softbank's taxes will not be too bad <G>: Friday, April 7, 2000 Softbank Group Net Profit Down 91% TOKYO (Nikkei)--Softbank Corp. (9984) announced Thursday that its consolidated net profit for fiscal 1999 plunged 91% on the year to 3.5 billion yen due to losses incurred from rationalizing its U.S. subsidiaries. Softbank booked extraordinary losses of 77 billion yen from the sale of Kingston Technology Co. and 120 billion yen from the sale of Ziff Davis Inc.'s assets. The company was unable to offset the losses using the 220 billion yen in capital gains from sales of shares in Trend Micro and Softbank Technology. "We wanted to finish rationalizing our existing U.S. businesses in fiscal 1999 so that we can concentrate our resources on Internet-related projects from now on," said a Softbank executive. Consolidated operating profit dropped 42% on the year to 7 billion yen, and consolidated sales fell 20% to 420 billion yen. Although there was brisk performance on the part of its domestic subsidiaries in software distribution and financial services, Softbank could not make up for the Kingston Technology and Ziff Davis losses. Pretax losses on a group basis were 55 billion yen, about 260% more than the previous year. The sharp increase is attributed to 47.5 billion yen in foreign exchange losses, which stemmed from the strong yen's negative impact on the 260 billion yen in yen-denominated loans that Softbank had extended to its U.S. holding company. (The Nihon Keizai Shimbun Friday morning edition)

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next