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SoftBank Recognises $1.4 bn Losses From India Investments in 2016-17

Japanese conglomerate SoftBank Group Corp (SBG) on Wednesday recognised losses of $1.4 billion in 2016-17 from its India investments -- Snapdeal and Ola.

IANS

Updated:May 10, 2017, 9:29 PM IST
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SoftBank Recognises $1.4 bn Losses From India Investments in 2016-17
In this file photo, SoftBank Group Corp Chairman and CEO Masayoshi Son attends a news conference in Tokyo, Japan. (Photo: Reuters/Toru Hanai)
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New Delhi: Japanese conglomerate SoftBank Group Corp (SBG) on Wednesday recognised losses of $1.4 billion in 2016-17 from its India investments -- Snapdeal and Ola.

"SBG recorded loss from financial instruments of 160,419 million Japanese Yen ($1.4 billion) in its consolidated financial statements for the fiscal year ended March 2017. This mainly resulted from recording a loss as the amount of changes in the fair value of the financial instruments from March 31, 2016, to March 31, 2017," the company said in a statement.

"Financial instruments included preferred shares of Jasper Infotech Private Limited, which runs Snapdeal, an e-commerce site in India, and ANI Technologies Private Limited, which runs Ola, a taxi booking platform also in India," the statement said.

The loss represents impairments of SBG's investments in subsidiaries and associates, including Starfish I Pte Ltd, it added.

Starfish I Pte Ltd is an intermediate holding company, which owns preferred shares in Jasper Infotech Private Limited.

"Highly competitive e-commerce market in India has made a trend of the company's business performance lower than initially anticipated. This situation caused a material decrease in net asset value of Starfish I Pte Ltd as of March 31, 2017, and therefore SBG impaired the carrying amount of its shares in the company, to the amount equivalent to its net asset value," the company noted.

However, SoftBank said that there was no impact of the loss on the company's consolidated financial results in 2016-17.

"In SBG's consolidated financial statements, the changes in the fair value of Jasper Infotech have been recorded on quarterly basis as gain or loss on financial instruments at financial instruments classified as financial assets or financial liabilities at fair value through profit or loss on the statements of income," it said.

"Therefore, there is no impact from the abovementioned loss on valuation of shares of subsidiaries and associates on the consolidated financial results," it added.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Bijaya Das
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