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Pastimes : Softbank - Japanese Internet stock

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To: Taikun who wrote (4773)4/6/2000 5:37:00 AM
From: sunnyRead Replies (1) of 5696
 
i don't get it any more. another pre-announcement - bad news this time.


Softbank warns of hefty group current loss
(Reuters 04.06 10:29:10)

TOKYO, April 6 (Reuters) - Japan's high-flying Internet
investor Softbank Corp warned on Thursday it would fall deeper
into the red on a group current basis in the just ended year, a
move which analysts said could further undermine already shaky
sentiment towards the company.
Softbank said it would suffer a 55 billion yen ($525 million)
consolidated current loss in the year to March 31, partly
reflecting a 47.5 billion yen foreign exchange appraisal loss in
yen-denominated debts held by its U.S. holding company.
The loss would compare with a 15.45 billion yen group net
loss in the previous year.
Softbank's loss warning came after the market had closed.
But Softbank's shares have been on a recent downtrend, hurt
by a combination of factors including recent volatility in the
U.S. Nasdaq market and fears that it is facing a funding crunch.
Softbank, a core Tokyo Internet stock, ended on Thursday down
3,000 yen or 3.92 percent at 73,500. That is a drop of more than
60 percent from mid-February when it hit a record high 198,000.
($1=104.83 Yen)
REUTERS
S.RT 9984-T JP.R ASIA.R DPR.R RESF.R RES.R ELC.R BUS.R
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